Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $900,000 CARES Act Recovery Assistance grant to the University of California, Riverside, to provide technical assistance to small businesses to bolster the region’s ability to withstand future economic disruptions. This EDA grant will be matched with $416,461 in local investment.
“President Biden is committed to bringing back and strengthening our small businesses,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This EDA investment will support the University of California, Riverside’s Office of Technology Partnerships as they provide individualized technical assistance to more than 1,000 pandemic-impacted small businesses in the Inland Empire region.”
“Small businesses are critical drivers of economic growth and mobility, and in California, we’re doubling down on our support with the largest small business relief program in the nation,” said Governor Gavin Newsom. “This new EDA grant for the University of California, Riverside will help pandemic-impacted small businesses in the region get the supports they need to succeed, giving a boost to our efforts to ensure an equitable recovery and foster long-term growth in communities across the state.”
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 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.