Economic Development Administration (EDA) to invest $3 billion in American Rescue Plan funding

The U.S. Department of Commerce’s Economic Development Administration (EDA) published guidelines for how they will invest $3 billion in funding allocated to the agency by the American Rescue Plan Act of 2021 (ARP). This level of funding is ten times the EDA’s typical annual budget and the largest federal investment in economic development in decades. The funding will be made available to communities through competitive grant programs. This is a unique opportunity to secure federal funding for your priority economic development projects.  

Baker Tilly Municipal Advisors has been carefully tracking this program and has assembled a team ready to assist communities in preparing and submitting applications. The funding is divided into six individual programs:

  • Build Back Better Regional Challenge ($1 billion) – regional collaborations on economic development initiatives
  • Good Jobs Challenge ($500 million) – workforce training initiatives
  • Economic Adjustment Assistance Challenge ($500 million) – planning and implementation of infrastructure projects that support economic development
  • Indigenous Communities Challenge ($100 million) – economic development projects for tribal governments and indigenous communities
  • Travel, Tourism and Outdoor Recreation Grants ($750 million) – travel, tourism and outdoor recreation projects
  • Statewide Planning, Research and Networks Grants ($90 million) – statewide economic development planning efforts

Applying for an EDA grant is a thorough process that requires preparing a variety of detailed documents. Baker Tilly’s economic development specialists can guide your community through the EDA process and help you secure funding through this unprecedented opportunity. 

For more information, or to learn more about how Baker Tilly can help, contact our team.

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