October 9, 2018

EDA: $1.17 Million Invested to Strengthen Manufacturing in Puerto Rico

Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.17 million grant to Puerto Rico Manufacturing Extension, Inc. (PRIMEX) of San Juan, to provide assistance and training to local manufacturing businesses to include disaster preparedness and resilience planning. According to grantee estimates, the project is expected to retain 3,000 jobs and spur $3.5 million in private investment.

“The Trump Administration is committed to helping Puerto Rican communities prepare for future natural disasters and aiding ongoing recovery efforts following Hurricanes Irma and Maria,” said Secretary of Commerce Wilbur Ross. “This investment will support local manufacturing businesses to help grow the island’s economy and stability.”

This investment will provide a program of technical assistance, training and capacity-building to 350 small- and medium-sized manufacturing businesses throughout Puerto Rico. The program will focus on best practices for the manufacturing sector with a strong emphasis on continuity of operations in the event of a future natural disaster. The investment will also strengthen the resilience of individual manufacturing businesses throughout the Commonwealth.

This project is funded under the Bipartisan Budget Act of 2018 (PL 115-123) (PDF), in which Congress appropriated to EDA $600 million in additional Economic Adjustment Assistance (EAA) Program (PDF) funds for disaster relief and recovery as a result of Hurricanes Harvey, Irma, and Maria, wildfires, and other calendar year 2017 natural disasters under the Stafford Act.

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 makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.

This post was originally published here.