Today, the U.S. Department of Commerce’s Economic Development Administration is investing $1.4 million in Puerto Rico to support disaster resiliency for small businesses and to provide technical assistance in the awards process.
The EDA investments announced today are:
- Iniciativa Technologica Centro Oriental, Inc., will receive $705,578 to increase disaster resilience for small businesses in Central Puerto Rico through the operation and expansion of a Business Response and Recovery Center. This EDA investment will be matched with $176,395 in local funds and is expected to create 324 jobs, retain 360 jobs, and generate $1.7 million in private investment, according to grantee estimates.
- The University of Puerto Rico, Mayaguez, will receive $694,127 for a post-awards grant management technical assistance program. This EDA investment will be matched with $118,444 in local funds.
“The Biden-Harris Administration is committed to ensuring that Puerto Rico has the resources needed to build sustainable economies following natural disasters,” said Secretary of Commerce Gina Raimondo. “These awards will support disaster resiliency while promoting long-term economic growth.”
“This transformative initiative in disaster resilience will help safeguard communities and businesses across the archipelago and make strategic investments to strengthen emergency response to future disaster scenarios,” said Deputy Secretary of Commerce Don Graves. “Thanks to EDA, we’re able to ensure that Puerto Rico’s economy is able to continue its recovery and remain resilient.”
“The Economic Development Administration works closely with communities to support locally driven disaster recovery and resiliency efforts,” 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. “These projects will increase disaster resilience and provide technical assistance for small businesses, helping to diversify the regional economy and create jobs.”
“I have personally thanked the Biden-Harris Administration for maintaining its commitment to help Puerto Rico recover following the impact of various natural events that have affected the island,” said Governor Pedro Pierluisi. “This allocation of funds by the EDA aimed at the recovery of small businesses after the damages caused by tropical storm Ernesto demonstrates the continuous commitment from both President Biden and Vice President Harris to the 3.2 million U.S. citizens residing in Puerto Rico. My administration will work in collaboration with the EDA to fulfill the allocation of local funds and make this program available to those in need as soon as possible. I would also like to thank U.S. Secretary of Commerce Gina Raimondo and the Deputy Secretary of Economic Development, Cristina Killingsworth, for their prompt action on behalf of the people of Puerto Rico.”
“I am pleased by the latest allocation of $1.4 million made by the Economic Development Administration to support disaster resilience for small businesses and to increase technical assistance in Puerto Rico,” said Representative Jenniffer González-Colón. “These investments will have a direct impact on island residents and will help ensure our communities are better prepared for natural and other disasters moving forward. They will support job creation, economic growth and sustainability, and promote a faster and more efficient recovery following emergency periods.”
These projects are funded under the Disaster Relief Supplemental Appropriations Act, 2023, which provided EDA with $483 million in additional Economic Adjustment Assistance (EAA) Program funds for disaster relief and recovery for areas that received a major disaster declaration under the Robert T. Stafford Act as a result of Hurricanes Ian and Fiona, wildfires, flooding, and other natural disasters occurring in calendar years 2021 and 2022. Please visit EDA’s Disaster Supplemental webpage for more information.
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.