The Economic Development Administration (EDA) was established under the Public Works and Economic Development Act of 1965 (42 U.S.C. ß 3121), as amended, to generate jobs, help retain existing jobs, and stimulate industrial and commercial growth in economically distressed areas of the United States. EDA assistance is available to rural and urban areas of the Nation experiencing high unemployment, low income, or other severe economic distress.
In fulfilling its mission, EDA is guided by the basic principle that distressed communities must be empowered to develop and implement their own economic development and revitalization strategies. Based on these locally- and regionally-developed priorities, EDA works in partnership with state and local governments, regional economic development districts, public and private nonprofit organizations, and Indian tribes. EDA helps distressed communities address problems associated with long-term economic distress, as well as sudden and severe economic dislocations including recovering from the economic impacts of natural disasters, the closure of military installations and other Federal facilities, changing trade patterns, and the depletion of natural resources.
EDA Planning Grant
This Planning Program helps support planning organizations, such as the Economic Development Districts and in the development, implementation, revision or replacement of comprehensive economic development strategies (CEDS), and for related short-term planning investments and State plans designed to create and retain higher-skill, higher-wage jobs, particularly for the unemployed and underemployed in the nationís most economically distressed regions.
EDA Grant Administration
Economic Development staff can be hired to administer individual grants for the local cities, counties, Economic Development corporations navigation ports and other eligible applicants who lack staff support. Grant administration services can be used for the following EDA programs:
- Public Works and Economic Development Program
Public Works and Economic Development investments help support the construction or rehabilitation of essential public infrastructure and facilities necessary to generate or retain private sector jobs and investments, attract private sector capital, and promote regional competitiveness, including investments that expand and upgrade infrastructure to attract new industry, support technology-led development, redevelop brownfield sites and provide eco-industrial development.
- Economic Adjustment Assistance Program
The Economic Adjustment Assistance Program provides a wide range of technical, planning and infrastructure assistance in regions experiencing adverse economic changes that may occur suddenly or over time. This program is designed to respond flexibly to pressing economic recovery issues and is well suited to help address challenges faced by U.S. regions and communities.
- Local Technical Assistance
The Local Technical Assistance Program helps fill the knowledge and information gaps that may prevent leaders in the public and nonprofit sectors in economically distressed regions from making optimal decisions on local economic development issues.
- Planning Program
The Planning Program helps support planning organizations, including District Organizations and Indian Tribes, in the development, implementation, revision or replacement of comprehensive economic development strategies (CEDS), and for related short-term planning investments and State plans designed to create and retain higher-skill, higher-wage jobs, particularly for the unemployed and underemployed in the nationís most economically distressed regions.
- University Center Economic Development Program
The University Center Economic Development Program is a partnership between the Federal government and academia that helps to make the varied and vast resources of universities available to economic development communities.
Business Hurricane Information Training Program (B-HIT)
The purpose of this investment is to provide the Border Region with Federal Financial Assistance to promote economic recovery in the aftermath of Hurricane Dolly and other natural disasters. This investment is to establish the foundations necessary for promoting innovation and competiveness, in order to prepare the Border Region for growth and success in the world wide economy. The core elements of this investment will focus on long-term economic recovery by fostering entrepreneurship, innovation and productivity through infrastructure development and capacity building. The B-HIT project will help strengthen business development in order to attract private capital investments and high-skill, higher wage jobs. Overall this project will provide the technical assistance needed to communities that are experiencing sudden and severe economic downfall.
This project will differ from the assistance provided by other federal agencies in that its focus will be to provide technical assistance to businesses that are impacted by a natural disaster. The ďBusiness Hurricane Information and TrainingĒ (B-HIT) Program will provide information on resources, education on emergency preparedness, and training to businesses.
Small Business Development
SBA 504 Loan Program
The Lower Rio Grande Valley Certified Development Company (LRGVCDC) was created to increase community economic development through job creation and retention by providing long-term fixed asset financing to small businesses in the Rio Grande Valley.
The LRGVCDC was established and certified by the Small Business Administration (SBA) in 1984 to package 504 Loan Applications. This financial package is a combination of at least three sources: the LRGVCDC (SBA 504); a financial institution (BANK); and the small business owner.
The SBA loan portion is guaranteed by SBA and is provided in the form of a debenture (a type of bond). Debentures are 100% guaranteed by SBA. These debentures are pooled through a certificate mechanism at the U.S. Treasury Department and are sold to public entities such as: pension funds, insurance companies, or private individuals.
Tri-County Business Womens Group
The Tri-County Womenís Group has created business enterprises that offer job opportunities for the local labor force. These new and exciting ventures will be created and owned by women in the low to moderate income level and who have a strong entrepreneurial spirit and a desire to contribute to our local economy. These business women are hard working individuals who require ACCESS TO CAPITAL and TECHNICAL ASSISTANCE.
Our programís Technical Assistance component consists of direct technical support to develop the Tri-County Womenís Business Groupís entrepreneursí business management skills. The technical support includes training in the areas of successful entrepreneurship and business development. The technical support will include field monitoring and evaluation of each business venture in order to help identify their strengths and weaknesses. This program plans to provide monthly training sessions on topics that directly affect these businesses: Some of the topics to be included are: computerized accounting, state tax reporting, business management, marketing, business plan development, financial business management, contracting, insurance, etc.
Plans to provide financial assistance in the form of micro loans will be an avenue for further development. The need for capital is at the heart of all businesses, whether they are large or small, and these women will need that additional support.
Financial Literacy Program