Grants under this program assist economically distressed areas to undertake significant new economic development planning, policy-making, and implementation efforts. Grants provide financial assistance to support significant economic development planning and implementation activities, such as economic analysis, definition of program goals, determination of project opportunities, and formulation and implementation of a development program. EDA awards grants only and considers the unemployment in an area. EDA gives priority to projects designated as high priority by local economic development agencies. In addition, projects must result in job creation.
Funds are available on a reimbursable basis upon approval.
For technical assistance and planning projects, funds are available immediately or as soon as the work begins. For construction projects, funds are usually not disbursed until all construction contracts are awarded. EDA is open for preapplications year-round. The EDA field representative will invite a preapplication for a project which seems to have a good chance of being successful. The preapplication is then submitted to the EDA regional office where a project review committee decides whether or not to invite a final application.