The New Growth Innovation Network received a $5.5 million grant from the Department of Commerce Networks program to develop and introduce a new program called Equity Impact Investments.
The Economic Development Administration grant will help distressed communities remedy inequities that stand in the way of equal opportunity and growth, according to an Oct. 20 news release.
“President Biden called on federal agencies to advance equity by identifying and addressing barriers to equal opportunity that underserved communities face,” Assistant Secretary of Commerce for Economic Development Alejandra Castillo said in the release. “The Equity Impact Investments initiative is one of several programs that demonstrate EDA’s commitment to the realization of the president’s vision to make sure we embedded an equity lens and action plan into all our efforts at EDA to redress inequities that serve as impediments to equal opportunity and growth in distressed communities across the nation.”
NGIN, a nonprofit hub for knowledge, insight and innovation, was founded in 2018 to assist economic development professionals in promoting inclusive economic growth and bridging structural opportunity gaps, the release reported.
The initiative personifies equity in action, NGIN President and CEO Yasmina McCarty said, the release reported. By including underserved populations as assets in economic regional plans, it enables them to make contributions in business growth, job creation and supply chain expansion. That expands the regional economy’s overall size, she said. NGIN was proud to lead EDA’s effort through Equity Impact Investments, she said.
