Economic distress of the area, performance of previously funded grantees, and involvement of the local leadership in economic development activities are issues considered in the selection process. Priority consideration goes to currently funded grantees. 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 that 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.