What Happened?
Two agencies in Rhode Island won a total of $3.3 million in federal grants for job initiatives. The grants were awarded by the U.S. Department of Defense and the Department of Commerce.
Goal
The U.S. Department of Defense recently announced the Commerce Corporation of Rhode Island will receive $1.6 million in grants to support new job growth in key industries. The federal funding will help manufacturers find new uses for their products and services, which in turn will expand business opportunities and create new jobs.
The Commerce Corporation of Rhode Island’s federal grant is for one year and will provide the necessary capital to launch a pilot program to support manufacturers in Rhode Island. If the pilot is successful, the model could spread into other areas in Southern New England. The agency is providing $178,000 of its own funding to match 10 perfect of the federal funds to get the project off the ground.
In addition, the U.S. Department of Commerce is giving $1.7 million to the Newport Country Development Council to help build out a technology business sector in region. By nurturing tech entrepreneurs, the agency can spur economic activity and job growth locally.
The Department of Commerce grant will directly fund the building of the Sheffield School of Technology Center in Newport. The city hopes the incubator will spur:
- Research
- Development
- Innovation
- Technology
The project aims to connect tech-savvy entrepreneurs with the necessary resources and community assets to take root in Newport.
Feds Pitching In
The U.S. Department of Commerce is also offering $800,000 to Innovation Works in Pittsburgh to help attract new investors to the business incubator. The center’s AlphaLab helps startup companies launch their ideas into the marketplace and start generating revenue by providing:
- Cash investment
- Goal-specific education
- Mentorship opportunities
- Networking contacts in the city’s tech sector
The U.S. Department of Commerce’s Economic Development Administration is providing the funds as part of a national effort to nurture burgeoning tech businesses.
Furthermore, the U.S. Department of Commerce is providing a $1.9 million grant to help build a new startup center for the USC/Columbia Technology Incubator at the University of South Carolina. The project is estimated to cost $4 million overall, and includes construction of a 50,000-square-foot technology and incubation facility in the neighborhood’s rising Innovista Innovation District corridor, The State reported.
The technology incubator is part of a partnership between the university and the city, where young companies and entrepreneurs team up with researchers to develop new ideas in fresh markets. The remaining $2.1 million needed to complete the project will come from a variety of private investors as well as the USC Research Foundation.
The goal of the project is to do more than construct a facility with valuable resources, but invest in new industries that will drive job growth and economic development in Columbia. The region already houses a number of knowledge-based companies looking to break out and expand. The incubator will create a strong bridge between academia and business to fuel sustainable growth in the community.
Investing In Jobs
Gov1 has reported on several federal grants that support job programs, many of which are specifically focused on startups and entrepreneurs.