Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $588,000 CARES Act Recovery Assistance grant to the Maryland Department of Commerce, Baltimore, Maryland, to support the growth and resiliency of coronavirus disrupted businesses by expanding the Maryland Defense Diversification Assistance (MDDA) program to serve the current needs of the broader business community. This EDA grant will be matched with $150,135 in local investment.
“The Economic Development Administration is committed to helping communities across the nation implement strategies to mitigate economic hardships brought on by the coronavirus pandemic,” said Craig Buerstatte, Deputy Assistant Secretary for Regional Affairs. “This EDA investment will favorably position Maryland businesses to recover from pandemic-related business losses by providing opportunities for diversified revenue streams, training and technical assistance for the execution of commercialization or export-focused projects, and assistance in the adoption of ‘Industry 4.0’ advanced manufacturing technologies.”
“The economic fallout caused by the COVID-19 pandemic has pushed many of Maryland’s businesses to the brink. Along with vital support in the other federal COVID-19 relief packages, this CARES Act funding will help provide critical training and assistance services to support businesses harmed by the pandemic and bolster our efforts to build Maryland’s economy back stronger. I was proud to help secure these funds for Marylanders, and I will continue pushing in Congress for the resources our state’s employers need to recover from this pandemic and get Maryland’s businesses back on track,” said Senator Chris Van Hollen.
“This federal investment in Maryland will help businesses that depend heavily on the DoD to identify ways they can diversity their client bases and open new markets, growing their stability and building their profitability. This is the exact type of targeted support Congress intended to provide to struggling small businesses when we passed several rounds of small business aid,” said Senator Ben Cardin. “These EDA grants will help Maryland’s businesses survive and recover from the impacts of the COVID-19 pandemic, and I will continue working with the Maryland congressional delegation to identify ways to secure additional assistance of this type.”
“Helping small businesses in Maryland recover from the COVID-19 pandemic must remain a top priority,” said Congressman John Sarbanes (MD-03). “This new federal relief funding from the Economic Development Administration builds on the tremendous number of resources we’ve delivered to support small businesses as we continue to get to the other side of this public health crisis. Working closely alongside my colleagues in Congress, I will continue to deliver vital federal aid to help our state and local economies build back better than ever before.”
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.