Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is investing in Homes of Hope Inc. to renovate an existing building in North Charleston, South Carolina, to serve as a business incubator and training facility. The investment will be matched by $2 million in local funds and is expected to help create 45 jobs and attract nearly $4 million in private investment.
“President Trump is working diligently every day to help empower our nation’s entrepreneurs, the engine of job creation and growth in the American economy,” said Secretary of Commerce Wilbur Ross. “The new business incubator and training facility in North Charleston will support the growth of businesses and boost the region’s economy.”
EDA is awarding a $2.7 million grant to Homes of Home, Inc., to renovate an existing 31,250 square-foot building in North Charleston, South Carolina, that will be called the Opportunity Center. The facility will provide services to small businesses such as training and planning, industry mentoring, market development, networking and collaborations, and financial advisory services.
This project is funded under the Bipartisan Budget Act of 2018 (PL 115-123) (PDF), in which Congress appropriated to EDA $600 million in additional Economic Adjustment Assistance (EAA) Program (PDF) funds for disaster relief and recovery as a result of Hurricanes Harvey, Irma, and Maria, wildfires and other calendar year 2017 natural disasters under the Stafford Act.
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.