Category: Federal Incentives, Grants & Loans
AGENCY: Economic Development Administration (EDA)
DESCRIPTION: The EDA assists communities with funding the construction of public works and local facilities that contribute to private sector job creation and retention to alleviate unemployment and underemployment. Preference is given to rural communities. EDA funding decisions are based upon competitive selection criteria, some of which are outlined below.
• Construction of public facilities and infrastructure improvements which immediately create and/or retain jobs, and have a community and public benefit.
• Maximum Program Benefits: Covers 50% of project costs, in certain circumstances, 100% investment rate is available.
• Equity: A local match of 50% of project cost is required. Sources include Community Development Block Grant, local revenue sharing funds, RD loans, foundations, and other public and private sources.
• Maturities, rates, and fees are all not applicable.
• Generally, projects should: Fulfill a pressing need such as job creation and retention; Suppor tan EDA-approved Over all Economic Development Plan and activities in enterprise zones;
Demonstrate local private and public support; and benefit low-income residents.
• Processing time is dependent on completeness of the request; thus applicants are urged to arrange pre-application conferences prior to formal application submission.
• Applicants must receive a formal invitation from EDA to be considered for funding.
• For a complete list of EDA programs, visit ?http://www.eda.gov/xp/EDAPublic/AboutEDA/Programs.xml, visit the homepage at http://www.eda.gov/, or contact the EDA in Denver at (303) 844-4715.