The American Rescue Plan provided $3 billion in additional financing for the Economic Development Administration, an investment that helps communities all around the country recover from the effects of the coronavirus pandemic.
President Joe Biden’s plan for ARPA funding hastens economic recovery and strengths local economies’ resistance to future economic hardships, according to an Oct. 26 Department of Commerce news release.
“EDA’s first investment priority is equity,” Assistant Secretary of Commerce for Economic Development Alejandra Castillo said, according to the release.
The EDA investment will bring actionable findings on equitable and inclusive practices, Sarah Crane, research manager of the University of Michigan’s Economic Growth Institute, said, the release reported. Those practices will highlight what makes a difference for underrepresented and underserved communities. She said the institute was honored to partner with the New Growth Innovation Network and the EDA on this critical effort.
Economic leaders can advance equity and deliver strong economic growth in their regions, M. Yasmina McCarty, of NGIN said, according to the release.
“We are delighted to have the opportunity to support EDA’s once-in-a-generation investment and look forward to developing best practices which advance inclusive economic development at the local and regional level,” she said, the release reported.
