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Regional innovation funding and economic development investments highlighted in EDA report
Working with public and private-sector partners across the U.S., the EDA invested approximately $289.1 million in 815 locally-driven economic development projects in FY 2017, according to its most recent annual report. The report provides examples of the projects it funds in each state, to help show the breadth and diversity of the programs and projects it funds. It also provides an interactive map detailing the summary and case studies of investments for any given state or territory.
While the bulk of the grants were provided for Public Works and Economic Adjustment Assistance construction projects ($136.4 million), the EDA noted in the report that it has “worked hard to solidify our Regional Innovation Strategies (RIS) program to foster greater entrepreneurship all across America in both urban and rural communities.”
The 2017 RIS Program was appropriated $17 million for the i6 Challenge and Seed Fund Support (SFS) Grants competitions. The i6 Challenge supports the creation of centers for innovation and entrepreneurships that increase the rate of ideas being translated into products, companies and jobs. The SFS Grants competition provides funding for technical assistance to support the creation, launch, or expansion of equity-based, cluster-focused seed funds that invest regionally-managed risk capital in regionally based startups with a potential for high growth.