FOR IMMEDIATE RELEASE Contact: John Atwood
Tuesday, July 19, 2022 JAtwood@eda.gov
U.S. Department of Commerce Invests $1.7 Million in American Rescue Plan Funds for Road Construction to Support Manufacturing Business Growth in Fort Smith, Arkansas
WASHINGTON – Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $1.7 million grant to the city of Fort Smith, Arkansas, to construct roadway infrastructure to support growth at Stephens Industrial Park and the surrounding area. This grant is funded by the American Rescue Plan.
The project will provide the access needed for manufacturing businesses to develop and grow, creating new job opportunities in the region. This EDA grant will be matched with $415,878 in local funds, and is expected to create or retain 84 jobs and generate $119 million in private investment, according to grantee estimates.
“President Biden is committed to supporting communities in recovering from the pandemic as they build a stronger America for the future,” said Secretary of Commerce Gina M. Raimondo. “This EDA investment will play an important role in supporting existing businesses and creating new opportunities for manufacturers in Fort Smith, creating a stronger, robust regional economy.”
“The Economic Development Administration plays an important role in supporting community-led economic development strategies designed to boost coronavirus recovery and response efforts,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “We are pleased to partner with the city of Fort Smith to provide critical infrastructure to attract new businesses and encourage business development to create increased employment opportunities in the region.”
“Fort Smith has been a cornerstone of economic success for Western Arkansas and continues to attract significant industry and military investment,” said Governor Asa Hutchinson. “The $1.7 million from the American Rescue Plan to support the construction of roads and other infrastructure at Stephens Industrial Park is a well-deserved boost to Fort Smith as it builds for a bright future.”
This project is funded under EDA’s American Rescue Plan Economic Adjustment Assistance Program, which makes $500 million in Economic Adjustment Assistance grants available to American communities. The Economic Adjustment Assistance program is EDA’s most flexible program, and grants made under this program will help hundreds of communities across the nation plan, build, innovate, and put people back to work through construction or non-construction projects designed to meet local needs. Effective May 26, 2022, EDA has officially closed all of its American Rescue Plan programs for applications. The $3 billion program funding will be awarded on a rolling basis through September 30, 2022.
This project was made possible by the regional planning efforts led by Western Arkansas Planning and Development District (WAPDD). EDA funds WAPDD 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.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.