MAGNET, BRITE receive CARES Act funding to support local companies, entrepreneurs
MAGNET, BRITE receive CARES Act funding to support local companies, entrepreneurs
Two Northeast Ohio organizations have received federal CARES Act funding to support manufacturers, startups and entrepreneurs.
Combined, MAGNET, the Manufacturing Advocacy and Growth Network, in Cleveland and BRITE Energy Innovators in Warren have received about $1.2 million in CARES Act Recovery Assistance funding, according to a news release from the Economic Development Administration. The Economic Development Administration is committed to helping communities across the nation implement strategies to mitigate economic hardships brought on by the coronavirus pandemic, said Dennis Alvord, acting assistant secretary of commerce for economic development, in the release. These EDA investments will create jobs by providing resources for the manufacturing sector in the Cleveland area and expanding support for entrepre
Bear Paw Development receives $1.7M in CARES Act money to help COVID-impacted businesses
Staff and wire report Havre-based Bear Paw Development Corp. is getting some help from the federal government to help businesses impacted by the coronavirus pandemic. The U.S. Department of Commerce announced Thursday its Economic Development Administration awarded a $1.7 million Coronavirus Aid, Relief, and Economic Security CARES Act Recovery Assistance grant to Bear Paw to capitalize and administer a revolving loan fund to provide gap financing to coronavirus-impacted small businesses in Bear Paw Development’s economic development district. Since 1969, Bear Paw, the oldest economic development district in the state, has worked to assist communities and businesses with planning and economic development in Blaine, Chouteau, Hill, Liberty and Phillips counties and the Fort Belknap and Rocky Boy’s Indian reservations.
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U.S. Secretary of Commerce Gina Raimondo announced that $289 million will be awarded to 44 organizations as part of the Economic Development Administration’s SPRINT challenge.
The SPRINT (Scaling Pandemic Resilience Through Innovation and Technology) challenge was launched last year to harness America’s entrepreneurial spirit to address the economic, health, and safety issues caused by the coronavirus pandemic.
Those receiving funding include non-profits, colleges and universities and entrepreneurship-focused organizations. Grant recipients will receive funding between $200,000 and $750,000.
“The Biden Administration applauds the SPRINT Challenge awardees’ efforts to pivot to help their communities through difficult times quickly,” Raimondo said in a statement. “American entrepreneurship and innovation will help our country through this coronavirus pandemic and build back better, stronger, and more resilient.”
MAGNET receives federal funding to support local innovation, investment
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A team of Northeast Ohio organizations has received some federal funding designed to help communities use innovation to overcome challenges raised by the pandemic.
MAGNET: The Manufacturing Advocacy and Growth Network in Cleveland is the local recipient of funding from the Economic Development Administration s Scaling Pandemic Resilience Through Innovation and Technology, or SPRINT, Challenge. MAGNET will be working with JumpStart Inc., Team NEO and the Youngstown Business Incubator on the Resilient Together project, MAGNET s vice president of engagement Leah Epstein said in an email. The total amount of the funding is $703,378.
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The University of Arkansas System was awarded a three-year $900,000 CARES Act Recovery Assistance grant from the U.S. Department of Commerce’s Economic Development Administration (EDA) to boost the state’s workforce recovery from the economic impact of COVID-19.
Nine UA System institutions will collaborate on the project, led by the Arkansas Economic Development Institute (AEDI) at the University of Arkansas at Little Rock, to collect and analyze statewide workforce data and use outcomes to provide existing and bolstered education and training efforts through all seven of the UA System’s two-year colleges, along with two colleges of technology at the University of Arkansas at Monticello (UAM).