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 the city of Fall River, Massachusetts, to support infrastructure upgrades needed to expand three local industrial parks that accommodate advanced manufacturing, life sciences and technology sector businesses. This EDA grant will be matched with $264,000 in local funds.
“President Biden is committed to harnessing the full power of the federal government to ensure our nation not only recovers from this pandemic but builds back stronger,” said Secretary of Commerce Gina M. Raimondo. “This EDA investment in Fall River will support economic development opportunities and job creation in the advanced manufacturing, life sciences and technology sectors.”
“The Economic Development Administration plays an important role in supporting community-led economic development strategies designed to boost coronavirus recovery and response efforts,” said Dennis Alvord, Acting Assistant Secretary of Commerce for Economic Development. “This project will allow Fall River to move forward with engineering design and permitting requirements to advance the much-needed expansion of three industrial parks, enabling the city to maintain its competitive edge as a regional hub for advanced manufacturing, life sciences and technology businesses.”
“This infrastructure investment from the Economic Development Administration will help fuel Fall River and the Commonwealth’s economy by opening up new opportunities, said Senator Elizabeth Warren. “Investing in Fall River’s advanced manufacturing, life sciences and technology sectors will make a big difference and create good jobs for communities across Southeastern Massachusetts.”
“This $1.1 million investment in Fall River’s industrial parks will build the foundation for 21st century innovation industries like life sciences, advanced manufacturing, and technology,” said Senator Ed Markey. “When we make infrastructure investments in our communities, like Fall River, we forge the pathways for career and economic opportunity for all.”
“Creating good jobs in advanced manufacturing, especially in medical technology and life sciences, has been a priority for me since before taking office,” said Congressman Jake Auchincloss (MA-04). “This grant is a big step forward in that direction – but just the first.”
This project was made possible by the regional planning efforts led by the Southeastern Regional Planning and Economic Development District (SRPEDD). EDA funds SRPEDD 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.
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.