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Commerce Department Funding to Advance Bio-Science, Renewable Energy and Global Marketplace Job Growth in Minnesota

Tue, Apr 6th, 2010
Posted in Business Announcements

WASHINGTON - The U.S. Commerce Department's Economic Development Administration (EDA) today announced $80,000 in grants in the State of Minnesota to boost competitiveness and create jobs.

"Economic recovery and growth are top priorities for the Obama Administration," said U.S. Assistant Secretary of Commerce for Economic Development John R. Fernandez. "These EDA grants will boost Minnesota's competitiveness and create jobs by supporting economic development projects that will advance the bio-science and renewable energy sectors and open the global marketplace for businesses."

The investments include:

$50,000 to the Southern Minnesota Initiative Foundation to develop a comprehensive economic development planning program that will help the region build on its bio-science and renewable energy sector strengths to create jobs.

"The EDA investment will help identify a system and pipeline for action on investments which will further the region's growth in bio-science and renewable energy. The region is full of expertise and assets, but needs to come together with a singular plan which provides focus and opportunities for the region to compete globally," said Tim Penny, President of the Southern Minnesota Initiative Foundation.

$30,000 to the Greater Metropolitan Foreign Trade Zone Commission to develop and implement a marketing plan to promote Foreign Trade Sub-Zones to all Minnesota businesses.

"This project could serve as a national demonstration in the use of Foreign Trade Sub-Zones as incentives for economic development in distressed regions," said Steve Anderson, Zone Administrator for the Greater Metropolitan Foreign Trade Zone Commission.

About the U.S. Economic Development Administration (www.eda.gov):

This year, the U.S. Economic Development Administration (EDA) marks 45 years of public service, with a mission of leading the federal economic development agenda by promoting competitiveness and preparing American regions for growth and success in the worldwide economy. EDA is an agency within the U.S. Department of Commerce that partners with distressed communities throughout the United States to foster job creation, collaboration and innovation.

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