January 8, 2020

EDA: $3 Million Invested to Equip Biotech Incubator in Irvine, CA

Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $3 million grant to The Beall Family Foundation of Newport Beach, California to provide scientific lab equipment for use at the University Lab Partners biotech incubator facility in Irvine. The EDA grant, to be matched with $3 million in local funds, is expected to help create 635 jobs and retain 55 jobs.

“The Trump Administration is committed to helping American entrepreneurs grow and succeed,” said Secretary of Commerce Wilbur Ross. “The University Lab Partners state-of-the-art workspace will help entrepreneurs accelerate development of new biotech business ventures and attract startup companies to the region.”

“The Beall Family Foundation creates new economic opportunity through innovation,” said U.S. Assistant Secretary of Commerce for Economic Development Dr. John Fleming. “This project will equip the University Lab Partners workspace with unique research capabilities to enable entrepreneurs in the bioscience industry to bring their business ideas to market.”

“This grant to the Beall Family Foundation is a shining example of strategic and impactful government investment,” said Representative Harley Rouda. “The University Lab Partners’ biotech incubator will continue to serve as a hub of innovation, empowering entrepreneurs to push the scientific needle and create Orange County jobs. Thank you to the Department of Commerce for returning taxpayer dollars back to CA-48.”

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.