Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is awarding a $1.3 million grant to NewBo City Market in Cedar Rapids, Iowa, for infrastructure improvements to support agricultural businesses.
This grant will support a renovation and expansion of the facility, driving workforce growth and supporting new small businesses. This EDA investment will be matched with $1.3 million in local funds and is expected to create 40 jobs, according to grantee estimates.
“The Biden-Harris Administration is dedicated to ensuring that communities in Iowa and across the country have the infrastructure they need to grow and thrive,” said Secretary of Commerce Gina Raimondo. “This EDA investment will allow for new businesses to start and grow in Cedar Rapids, supporting agricultural entrepreneurs and creating a stronger regional economy.”
“The U.S. Economic Development Administration works closely with local communities to support place-based economic growth,” said Deputy Assistant Secretary for Policy and External Affairs, performing the non-exclusive functions and duties of the Assistant Secretary for Economic Development Cristina Killingsworth. “This project will expand the capacity at the NewBo City Market, allowing for more small businesses and creating jobs in the community.”
This project was made possible by the regional planning efforts led by the East Central Iowa Council of Governments (ECICOG). EDA funds ECICOG to bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment and create jobs.
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 invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.