Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $2 million grant to the city of Akron, Ohio, to expand and renovate its Bounce Innovation Hub, a business incubator facility.
This investment will support more than 60 start-up businesses and entrepreneurs at the incubator through the addition of new technologies, such as 3D printing, as well as conference rooms and workspaces. The EDA investment will be matched with $530,354 in local funds and is expected to create 100 jobs, retain 42 jobs and generate $2 million in private investment, according to grantee estimates.
“The Biden Administration seeks to give communities the resources they need to respond to their unique economic challenges,” said Secretary of Commerce Gina M. Raimondo. “This EDA investment in Akron’s Bounce Innovation Center will increase capacity at the entrepreneurial hub that will attract talent and create good-paying jobs that will strengthen U.S. competitiveness in the global market.”
“The Economic Development Administration supports locally-driven efforts to spur economic growth and prosperity,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This EDA investment will activate over 20,000-square-feet of currently unused space at the facility for future use by budding entrepreneurs, helping to build a resilient regional economy that is diverse and equitable.”
“When start-ups are looking to get their businesses off the ground, local investment and capital are key to their growth and success,” said Senator Sherrod Brown. “This funding will boost Bounce Innovation Hub’s ability to help drive economic growth in northeast Ohio.”
“This award from the Economic Development Administration is a great achievement for the city of Akron’s business and economic future,” said Congressman Tim Ryan (OH-13). “This federal investment will create good-paying jobs, expand job and skills training, and attract new private investment in our community. Northeast Ohio continues to see tremendous economic growth and this investment further underscores the incredible talent of Ohio’s workers and entrepreneurs. I’m proud to have incredible partners in the leaders at Bounce Innovation Hub to bring these federal dollars back home.”
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.