U.S. Department of Commerce Invests $4.6 Million in American Rescue Plan Funds for Building Renovations to Support Job Growth in Frederick, Maryland
WASHINGTON – Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $4.6 million grant to Frederick Innovative Technology Center, Inc., Frederick, Maryland, for building renovations to support a science business incubator. This grant is funded by the American Rescue Plan.
This project will support construction of laboratory and office space to assist small, tech-based businesses as they work to grow and create new jobs and economic opportunities. The EDA investment will be matched with $1.2 million in local funds and is expected to create or retain more than 320 jobs and generate $125 million in private investment, according to grantee estimates.
“President Biden is committed to ensuring that our communities are provided with the resources they need to diversify and grow their economies,” said Secretary of Commerce Gina Raimondo. “This EDA investment will provide a place for scientists and entrepreneurs to develop new industries and create good-paying jobs for the people of Maryland.”
“The Economic Development Administration plays an important role in supporting locally-developed strategies designed to stimulate American innovation and entrepreneurial activity,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This project will bolster the diversification of Frederick’s economy, leading to new, good-paying jobs.”
“Frederick is a beautiful place to live, work and grow, and the Frederick Innovative Technology Center, Inc. is an important contributor to the local economy’s expansion. I have toured its facilities and seen its effectiveness in action, and have been impressed by the determination and ingenuity of the small businesses that are getting their starts there,” said Senator Ben Cardin. “These new federal investments will spur the creation of hundreds of new jobs and attract significant private investment, exactly what we in Congress envisioned when passing the American Rescue Plan.”
“This federal grant from the American Rescue Plan will help high tech start-ups get off the ground and spur job growth, innovation and greater prosperity in Western Maryland,” said Senator Chris Van Hollen. “I will continue working to bring federal investments to our state to expand economic opportunity and promote good-paying jobs for Marylanders.”
“I proudly voted for the American Rescue Plan knowing full well the benefits it would bring Marylanders, including bolstering our local economies and creating jobs,” said Congressman David Trone (MD-06). “With this grant from the Department of Commerce, the Frederick community will help drive scientific innovation and solidify our nation’s technological competitiveness on a national scale. Without a doubt, the American Rescue Plan continues to deliver for hardworking American families across the state, and I’m glad we could bring this impactful investment to our small businesses right here in Maryland’s Sixth District.”
This project is funded under EDA’s American Rescue Plan Economic Adjustment Assistance Program, which makes $500 million in Economic Adjustment Assistance grants available to American communities. The Economic Adjustment Assistance program is EDA’s most flexible program, and grants made under this program will help hundreds of communities across the nation plan, build, innovate, and put people back to work through construction or non-construction projects designed to meet local needs. Effective May 26, 2022, EDA has officially closed all of its American Rescue Plan programs for applications. The $3 billion program funding will be awarded on a rolling basis through September 30, 2022.
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.