EDA Investment Programs
EDA investment programs include the Public Works program and the Economic Adjustment Assistance program.
Public Works Program
Empowers distressed communities to revitalize, expand, and upgrade their physical infrastructure to attract new industry, encourage business expansion, diversify local economies, and generate or retain long-term, private sector jobs and investment.
Funds can be used for the development of the physical infrastructure that would serve as a catalyst for creating jobs and growing the tax base. Funds can build roads, install utilities and related site improvements.
The Town of Hamden, through its Economic and Community Development Office was able to secure $550,000 in EDA funding to build Gallagher Road which allowed the Town to expand its business park by four additional lots.
Economic Adjustment Assistance
Revolving Loan Fund (RLF) Projects in regions experiencing severe economic dislocations that may occur suddenly or over time. EDA utilizes EAA investments to provide resources that help communities experiencing or anticipating economic dislocations to plan and implement specific solutions to leverage their existing regional economic advantages to support economic development and job creation. Like Public Works investments, EAA investments are designed to help communities catalyze public-private partnerships to foster collaboration, attract investment, create jobs, and foster economic resiliency and prosperity. For example, EDA might provide funding to a university or community college to launch a regional innovation cluster strategy that provides technical assistance to smaller manufacturers to promote and enhance the growth of emerging industries and stem job losses in manufacturing businesses as a result of foreign competition. As another example, EDA might provide funding to a city to support the construction of a publicly owned multi-tenant business and industrial facility to house early-stage businesses.
EDA will continue to consider applications from communities experiencing adverse economic changes due to base realignment and closures (BRAC) and Federally declared disasters when awarding assistance from FY 2013 EAA program funds. In addition to the assistance described above, EDA assistance to such communities may include planning, coordinating the use of Federal resources available to support economic development recovery, and developing regionally focused economic recovery and growth strategies. Additionally, as part of this FFO, EDA may provide investments through the EAA program to help communities conduct feasibility studies on whether and how science and research parks could be implemented in their region.