The Department of Commerce’s (DoC) Economic Development Administration (EDA) has awarded a $2.3 million grant to the Economic Development Authority to construct the Floyd, VA Growth Center Building, secretary of Commerce Wilbur Ross announced on Tuesday.
“The Trump Administration is committed to supporting business development and protecting businesses from hardship,” said Ross. “The new Floyd Growth Center will provide the space and assistance necessary for new business to grow while also ensuring businesses remain operational and resilient in the face of natural disasters.”
DoC’s EDA grant will be matched with $576.4 thousand local investment. The grant is expected to initiate $5 million in private investment. The new Floyd Growth Center Building will support essential training and the continued success of local businesses within the regional economy.
With federal funding, the center will also be able to support local businesses and invigorate private investment in Floyd County, which will strengthen small businesses and ensure that they are supported through difficult circumstances.
The EDA project is funded by the Additional Supplemental Appropriations for Disaster Relief Act of 2019, which has allocated $600 million in additional Economic Adjustment Assistance (EAA) Program funds to the agency.
The funds will help with disaster relief and recovery for areas affected by Hurricanes Florence, Michael, and Lane, Typhoons Yutu and Mangkhut, wildfires, volcanic eruptions and other major natural disasters, under the Robert T. Stafford Act.
“The EDA’s support for the Floyd Growth Center Building is a significant investment in our region’s economic development,” said congressman Morgan Griffith. “It will promote long-term growth and job creation, as well as build capacity for resilience and recovery in the face of natural disasters. This award attests to the Trump Administration’s strong commitment to rural economies such as Floyd County’s.”
About the U.S. Economic Development Administration
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.