The U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $600,000 grant to the Biomedical Research Foundation of NW Louisiana of Shreveport, Louisiana, to expand the foundation’s Entrepreneur Accelerator Program, providing services and support to new businesses in the area. According to grantee estimates, the project is expected to create 100 jobs, retain 100 jobs, and spur $15 million in private investment.
“We commend the Biomedical Research Foundation of NW Louisiana for supporting the growth of businesses in the Shreveport region,” said Deputy Assistant Secretary for Regional Affairs Dennis Alvord. “This investment will assist the development of locally-based enterprises by providing them with the tools they need to be successful.”
The Biomedical Research Foundation created the Entrepreneur Accelerator Program (EAP) in 2014 to provide personalized, advocacy-oriented business assistance in the region. EAP has nearly three years of successful job creation and investment to its credit.
This project was made possible by the regional planning efforts led by the Coordinating and Development Corporation. EDA funds the Coordinating and Development Corporation 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 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.