Secretary of Commerce Gina Raimondo announced a grant of $2.5 million for the city of Fairhope, Ala., to establish a business resource hub for technology entrepreneurs.
The funds come from the American Rescue Plan and the Economic Development Administration's Coal Communities Commitment, according to a July 6 EDA news release.
“President Biden is committed to ensuring that our communities are provided with the resources they need to diversify and grow their economies,” Raimondo said in the release.
The closure of a large coal power plant and a reduction in coal imports hit the city’s economy, the release reported. A local match of $625,000 will help to create a projected 276 jobs and generate $1 million in investment, according to grantee estimates.
The Economic Development Administration has dedicated itself to supporting communities in their locally-driven strategies as they rebuild and recover from the pandemic, Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo said, according to the release. The grant will boost Fairhope’s economic growth and add good-paying jobs.
“Our country was built on hardworking entrepreneurs starting businesses and creating good paying jobs, so today’s announcement is exciting news and will ensure Fairhope continues to grow and lead for years to come,” Alabama Rep. Jerry L. Carl said in the release.
