ATLANTA — A major national EDA rescue plan grant was announced today in Atlanta. U.S. Commerce Secretary Gina M. Raimondo and Senator Raphael Warnock awarded a $500,000 grant to the Georgia Tech Research Corporation.
The Georgia Tech Research Coalition is one of 60 finalists who pitched their projects to The Build Back Better Challenge, a federal grant funded by President Biden's American Rescue Plan.
The grant will boost the local efforts of the Georgia Tech Research Coalition in improving the regional economy after the pandemic.
“The half a million dollar planning grant will help create jobs right here in Atlanta and move our economy into the future,” said Sen. Warnock.
The focus in the Georgia coalition is artificial intelligence and getting Georgians from all communities back to work.
“Until everybody in Georgia, everybody in America has a shot, a decent job and a decent job where they can take care of their family and be able to be an entrepreneur, then our work isn't done,” Secretary Raimondo said.
The 60 finalists all proposed projects that will develop or scale industry sectors, develop and train the workforce of today and build resilient economies.
They were chosen from a pool of 529 applicants, with projects spanning to 45 states and Puerto Rico. Each will receive a grant of approximately $500,000 to further develop their proposed projects.
This $1 billion challenge is a part of the U.S. EDA, a federal government agency that works towards facilitating regional economic development across the country.
Build Back Better is the biggest EDA American Rescue Plan program and new to the Department of Commerce.
“The Commerce Department has never before given out a billion dollars grant of this size to do local regional economic development. This is a once-in-a-generation first of its kind effort,” Secretary Raimondo added.
Earlier this year, Secretary Raimondo announced that the EDA would invest $3 billion received from President Biden's American Rescue Plan Act into a series of programs called Investing in America’s Communities, where The Build Back Better Challenge lives.
The Build Back Better Regional Challenge is one of the six programs within a series of programs created by the EDA.
The six programs include :
- Build Back Better Regional Challenge ($1 billion)
- Good Jobs Challenge ($500 million)
- Economic Adjustment Assistance Challenge ($500 million)
- Indigenous Communities Challenge ($100 million)
- Travel, Tourism, and Outdoor Recreation Grants ($750 million)
- Statewide Planning, Research, and Networks Grants ($90 million)
Phase two of the challenge begins now for the 60 finalists. Finalists must find new partners and sources of funding to take their projects to the next level before the Mar. 15, 2022 deadline.
Secretary Raimondo, along with Sen. Warnock were accompanied by Mayor Keisha Lance Bottoms and newly elected mayor Andre Dickens. This announcement was given at the Russell Center for Innovation and Entrepreneurship in Atlanta.