The U.S. Department of Commerce’s Economic Development Administration (EDA) announced on Monday it will award a $650,000 CARES Act Recovery Assistance grant to Startup Junkie Foundation, to provide technical assistance to small businesses impacted by the coronavirus pandemic in Northwest Arkansas.
“EDA is proud to support this locally-driven strategy to address the impact the coronavirus pandemic has had on the Northwest Arkansas business community and to boost resiliency,” said Dana Gartzke, Assistant Secretary of Commerce for Economic Development. “This project will provide consulting services to and connect entrepreneurs with experts to ensure that the region’s robust culture of entrepreneurship remains competitive. The nearby Opportunity Zone will further incentivize businesses to invest in the region to reinvigorate the local economy.”
This project was made possible by the regional planning efforts led by the Northwest Arkansas Economic Development District (NWAEDD), which EDA funds to bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment, and create jobs. The EDA grant project, to be located near a Tax Cuts and Jobs Act Opportunity Zone, will be matched with $192,000 in local funds.
“We are excited to partner with the EDA to provide critical resources and support to our community in this time of need,” said Taylor Hasley, Startup Junkie Foundation Executive Director. “These funds will enable us to carry out our mission of empowering innovators and entrepreneurs with a specific focus on recovery and resiliency as we expand our service area to include the entire NWA Economic Development District.”
The CARES Act, signed into law by President Donald J. Trump earlier this year, provides EDA with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to the coronavirus pandemic.
“As we continue to respond to the pandemic and safely reopen, these CARES Act funds will bolster our local economy and help Startup Junkie provide a better path forward for small businesses and workers in the Third District,” said Congressman Steve Womack. “I have known this team for years and recognize their value to small business startups. I thank the EDA for prioritizing targeted investments in Arkansas, and I will continue working with federal partners to ensure our communities have the resources needed to come back stronger than ever.”
The funding announced today will catalyze private investment in a nearby Opportunity Zone. In June 2019, EDA added Opportunity Zones as an Investment Priority, which increases the number of catalytic Opportunity Zone-related projects that EDA can fund to fuel greater public investment in these areas. To learn more about the Commerce Department’s work in Opportunity Zones, please visit EDA’s Opportunity Zones webpage. To learn more about the Opportunity Zone program, see the Opportunity Now resources webpage. To learn more about Opportunity Zone best practices, see the recently released White House Opportunity and Revitalization Council Report to President Trump.
EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) (PDF) program, provides a wide-range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic. For complete information
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