Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding $1.2 million in CARES Act Recovery Assistance grants to help the state of Ohio prevent, prepare for, and respond to coronavirus.
“The Biden Administration is pleased to support local efforts to jumpstart manufacturing and entrepreneurship in Ohio,” said Secretary of Commerce Gina Raimondo. “These EDA investments will deliver critical support to businesses seeking to build back better and stronger in a post-COVID economy.”
“The Economic Development Administration is committed to helping communities across the nation implement strategies to mitigate economic hardships brought on by the coronavirus pandemic,” said Dennis Alvord, Acting Assistant Secretary of Commerce for Economic Development. “These EDA investments will create jobs by providing resources for the manufacturing sector in the Cleveland area and expanding support for entrepreneurs in Northeast Ohio.”
“Manufacturing in Ohio is an important part of our economy,” said Governor Mike DeWine. “Targeted investments, like this grant, will continue to ensure that Ohio’s businesses remain resilient and emerge stronger from the pandemic.”
“We passed the CARES Act because we knew we had to put workers at the center of our economic recovery” said Senator Sherrod Brown. “These investments will do just that by helping Manufacturing Advocacy and Growth Network in Cleveland and BRITE Energy Innovators in Warren keep more northeast Ohioans on the job as they recover for the COVID-19 pandemic.”
“A strong manufacturing sector is critical to maintaining American competitiveness, especially in our response to the COVID-19 crisis,” said Senator Rob Portman. “Reshoring American supply chains is critical to our economic recovery and national security. This funding will help MAGNET and BRITE Energy Innovators with their efforts to leverage entrepreneurship and innovation to encourage job growth. I applaud the EDA for making this important investment in Ohio manufacturing.”
“It’s organizations like BRITE that are leading the effort to foster startups driving innovation in energy tech and MAGNET which assists and promotes Northeast Ohio’s manufacturing growth that help fuel Voltage Valley and advanced manufacturing for lasting economic impact,” said U.S. Representative Tim Ryan (OH-13). “I’m immensely proud of the work they’ve done, and look forward to the benefit they will continue to provide to our local community and economy. The more than 200 additional jobs BRITE will create and the more than 100 jobs MAGNET will create in Northeast Ohio are a perfect example of the return on investment we get when we invest in economies of the future. As we look to overcome the economic hardships created by COVID-19, these awards will be critical to the success and prosperity of our communities.”
The EDA investments announced today are:
- Manufacturing Advocacy and Growth Network, Cleveland, Ohio, will receive a $624,316 EDA CARES Act Recovery Assistance grant to provide small- to medium-sized manufacturers with the technical assistance they need to overcome the impact of the coronavirus pandemic. The project, to be matched with $156,079 in local funds, is expected to create 100 jobs, retain 500 jobs and generate $10 million in private investment.
- BRITE Energy Innovators, Warren, Ohio, will receive a $571,355 EDA CARES Act Recovery Assistance grant to expand its programs and services to support entrepreneurs and technology start-ups in Northeast Ohio. The project, to be matched with $155,699 in local funds, is expected to create 200 jobs, retain 150 jobs and generate $100 million in private investment.
This project is funded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136 PDF), which provided EDA with $1.5 billion for economic assistance programs to help communities prevent, prepare for, and respond to coronavirus. EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) (PDF) program, provides a wide-range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.