The U.S. Economic Development Administration (EDA) is now accepting applications for the new $200 million Distressed Area Recompete Pilot Program. The newly created program hopes to turn the economic tide of distressed communities across the country as it plans to roll out $1 billion over the next five years.
Developed by the EDA with allocated funds from the CHIPS and Science Act, the Recompete Pilot Program is based on the premise that communities know their needs best and can generate the most effective programs to address persistent economic distress. The program empowers the EDA to partner with communities and make flexible investments, allowing communities to access critical economic resources to fund workforce and entrepreneurial development programs. The Recompete Pilot Program will be another place-based tool to leverage in the creation of a more sustainable and equitable economy nationwide.
As the Assistant Secretary for Economic Development Alejandra Y. Castillo recently said, “The Recompete Pilot Program reinforces the Administration’s commitment that no one – and no section of the nation – is left out of economic progress. This place-based, locally driven initiative helps us drive essential resources to the regions who most deserve a second chance at economic greatness, and whose economies would thrive if there were more opportunities for employment.”
The Breakdown
The Recompete Pilot Program’s investment in the economic development of distressed communities is part of the Biden-Harris Administration’s larger commitment to “Bidenomics” and creating good jobs in communities across the country.
The program targets areas where employment for prime-age workers (25-54) is significantly below the national average. It then offers large and flexible investments to those local communities, empowering them to design and fund initiatives that meet their specific community needs.
Distressed counties can apply in Phase One of the Recompete Pilot Program for Recompete plan approval, strategy development grants, or both. By the end of Phase One, roughly 20 plans will be approved and anywhere from $6 million to $12 million will be awarded in funding for strategy development. The Recompete plans approved in Phase One can then apply for an implementation investment in Phase Two, ranging from $20 million to $50 million in funding.
What This Means for Small Business
The Recompete Pilot Program is yet another reminder that investment in entrepreneurship is critical to a thriving economy. Whether it’s through small business development centers, access to job training, or job retention programs, communities need resources to create good jobs and grow local economies.
Implementation grant resources can range from workforce development, business and entrepreneur development, infrastructure, additional planning, predevelopment, or technical assistance – all encouraging small and medium-sized business growth. It’s with these investments that the Recompete Pilot Program will help to rebuild local economies through investing in quality jobs, distressed communities, and struggling sectors nationwide.
Resources
To see if your community might be eligible to participate in the Recompete Pilot Program, please visit the Recompete Eligibility Mapping Tool and www.eda.gov/recompete to learn more about the application process. For outstanding questions about the program, please email [email protected].
Read the full article here
