Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $2 million CARES Act Recovery Assistance grant to the Connecticut Department of Economic and Community Development (DECD), Hartford, Connecticut, to develop economic recovery strategies that will strengthen, diversify, and add resilience to the regional economy. This EDA grant will be matched with $508,395 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 will allow the Connecticut State Department of Economic and Community Development, in coordination with Regional Councils of Governments and other partners, develop and deliver economic programs and resources to bolster resiliency and economic recovery from the impacts of COVID-19.”
“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. “The project will strengthen existing economic development planning through the development of pandemic recovery and resiliency plans, support the work of the Regional Recovery Steering Committees and provide direct technical assistance, resources and educational webinars to assist impacted businesses.”
“Small businesses of all types were hit very hard by the pandemic, and this new federal funding will provide them with much-needed resources to aid them in their recovery,” said Governor Ned Lamont. “These initiatives were developed by our councils of government and designed to meet the unique needs of businesses in each region of the state. This is another great example of coordination and collaboration in Connecticut between state, federal and local stakeholders.”
“Not every town is going to recover the same way from COVID. That’s why this new federal grant is so important – it allows us to build and fund plans that suit each unique community in Connecticut. With this $2 million grant from the U.S. Department of Commerce’s Economic Development Administration, DECD will work with Connecticut’s Regional Councils of Governments to craft recovery plans tailored to individual communities, including vital small business assistance and workforce development programs, with a focus on meeting the unique needs of underserved populations,” said Senator Richard Blumenthal and Senator Chris Murphy in a joint statement.
“I applaud President Biden’s commitment to build our economy back from the COVID-19 pandemic better than before,” said Congressman John B. Larson (CT-01). “Today’s announcement will provide critical funds so that DECD can support Connecticut’s small businesses and develop recovery plans that strengthen our region and state.”
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.