Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $711,000 grant to the South Carolina Association for Community Economic Development, Charleston, South Carolina, to support minority business owners and help create jobs through the Minority Business Development Initiative. This EDA grant will be matched with $180,000 in local investment.
“With an emphasis on equity, the Economic Development Administration is committed to providing communities across the country with the resources to strengthen their regional economies,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This EDA investment will support the Minority Business Development Initiative, designed to help local, minority-owned businesses rebound from the pandemic, create new, higher-paying jobs and workforce development, and build a more resilient regional economy.”
“This is big news for the Lowcountry,” said Senator Lindsey Graham. “This grant will invest in South Carolina minority business owners and promote important business development in the area. I appreciate the EDA working to turn this into reality. South Carolina is already a great place to do business, and this grant will help to make the local area even more attractive for future investments.”
This project was made possible by the regional planning efforts led by the Berkeley-Charleston-Dorchester Council of Governments (BCDCOG). EDA funds BCDCOG to bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment and create jobs.
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.