Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $1.1 million CARES Act Recovery Assistance grant to BioBAT, Inc., Brooklyn, New York, for the renovation of workspace designated for two biotechnology companies.
This investment will support the development of products to treat COVID-19 and will better enable the region to respond to future economic disruptions such as those caused by the coronavirus pandemic. The EDA investment will be matched with $500,000 in local funds.
“President Biden is committed to providing local businesses with the resources they need to help us meet some of our biggest challenges, like the pandemic,” said Secretary of Commerce Gina M. Raimondo. “This EDA investment in BioBAT, Inc. will further help in our fight against COVID, while simultaneously allowing for the expansion of the biotechnology sector in New York City and the retention of local businesses in Brooklyn.”
“The Economic Development Administration plays an important role in supporting community-led economic development strategies designed to boost coronavirus recovery and response efforts,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This investment will provide new workspace for two biotechnology firms developing products to treat the coronavirus.”
“I’m proud to have secured critical funds for economic recovery in the CARES Act to support companies like BioBAT, Inc. in Brooklyn to help us better respond to the economic and public health complications brought on by COVID while growing New York’s innovation economy,” said Senator Charles Schumer. “Investments in COVID-19 treatments will further our recovery and aid in our response to future COVID variants as communities continue to recover from the pandemic.”
“BioBAT facilitates groundbreaking biotechnology research and is well-equipped to support the critical work of finding new treatments for COVID-19,” said Senator Kirsten Gillibrand. “I congratulate BioBAT on this well-deserved award and will keep working to bring federal dollars home to support New York innovation.”
“Brooklyn’s very own BioBAT, Inc. has long served as a source of scientific ingenuity and innovation in our community, particularly in its research and development of COVID-19 treatments. Through this transformative grant, our city’s biotechnology sector will grow stronger than ever and reaffirm our commitment to overcome the pandemic timely and equitably. I am tremendously proud of the work my Democratic colleagues and I championed in Congress to ensure The Coronavirus Aid, Relief, and Economic Security Act delivers on its promise,” said Congresswoman Yvette D. Clarke (NY-09). “I look forward to the innovative research and pandemic treatment development BioBAT is undertaking, and I have no doubt this crucial mission will be successful, especially with this new funding boost.”
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.