June 14, 2022

EDA: $1.5 Million Invested to Support Business Development in Laredo, TX

Today, U.S. Secretary of Commerce Gina M. Raimondo announced the Department’s Economic Development Administration (EDA) is awarding a $1.5 million grant to the city of Laredo, Texas, to help build a two-mile road as part of the Springfield Avenue Extension.

This grant will help boost business and job growth in the region by providing a new commercial route to serve approximately 170-acres of industrial land. The EDA investment will be matched with $375,000 in local funds.

“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 M. Raimondo. “This EDA project will spur private investment and job creation in Laredo.”

“The Economic Development Administration plays an important role in advancing locally-led economic development strategies that drive critical business expansion efforts to create stronger, more resilient regional economies,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This project will advance Laredo’s Springfield Avenue Extension project to position the region for future economic success.”

“The Economic Development Administration’s grant to the city of Laredo will bolster the local economy and help the community continue to thrive,” said Governor Greg Abbott. “We are grateful for this investment and for the efforts of the South Texas Development Council in bringing this business development and job growth opportunity to the region.”

“The U.S. Department of Commerce is awarding the City of Laredo with $1.5 million to support business development, and job growth, as part of the Springfield Avenue Expansion. Specifically, this funding will be used to extend a road almost 2 miles and support hundreds of temporary jobs,” said Congressman Henry Cuellar (TX-28). “I will always fight for additional federal funding that brings jobs, and business opportunities, to my hometown. Thank you to Secretary Raimondo, Mr. Lozano, and our local Laredo leaders, for their continued support of South Texas development.”

This project was made possible by the regional planning efforts led by the South Texas Development Council (STDC). EDA funds STDC 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.

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.

This post was originally published here.