EDA: $3 Million Invested to Increase Commercial Space for Tech-Based Companies in Amherst County, VA

Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $3 million grant to the Economic Development Authority of Amherst County, Virginia, to provide operational space to technology-based industries. This EDA project, to be matched with $1.3 million in local funds, is expected to create 45 jobs, retain 24 jobs, and generate $3.25 million in private investment.

“Supporting our nation’s job-creating innovators and entrepreneurs is a major focus of the Biden Administration,” said Secretary of Commerce Gina M. Raimondo. “This EDA investment will accelerate the addition of good-paying jobs to the region’s economy by providing innovative businesses with the space they need to grow and succeed.”

“The Economic Development Administration is pleased to support the Economic Development Authority of Amherst County as they seek to expand and diversify the region’s economy,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This project will construct a 45,000-square-foot, pre-engineered, multi-tenant commercial building that will accelerate job growth, create additional economic opportunities, and support the next generation of technology-based industries and innovative supply chains.”

“I’m proud that Virginia is a national leader when it comes to attracting new business in cutting-edge and growing industries,” said Senator Mark R. Warner. “I am thrilled that this EDA grant will create good-paying tech jobs in Amherst County and provide support to continue growing the tech industry in Virginia.”

“I am pleased to see this vital funding go toward supporting technology industries in Amherst County,” said Senator Tim Kaine. “Investments like these are a step in the right direction in boosting job growth. I will continue advocating for the needs of Virginia businesses, workers, and the economy.”

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.

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