February 17, 2005

Commerce Department Invests $52,000 in Northeast Missouri

On February 11th, the U.S. Commerce Departments Economic Development Administration (EDA) announced a $52,000 investment to the Northeast Missouri Regional Planning Commission of Memphis. The investment will continue a comprehensive economic development planning pro-gram.

President Bush believes one way to create jobs is to grow the economy by encouraging investments in local communities, said Assistant Secretary of Commerce for Economic Development David A. Sampson. This EDA investment will maintain an economic development planning program that is attracting new business opportunities and creating higher-skill, higher-wage jobs for local citizens.

The NEMO RPC will provide a $17,666 match for the grant to fund the offices economic development operations.

Director David Shoush noted that the grant is a competitive process. The organization seeks the funding annually to continue assisting the region make strives in bringing new businesses to the area and assist existing businesses in expanding.

Basically this grant is what keeps us going, Shoush said. We match the funding at a 3:1 ratio, so there is no way we could provide the services without the federal money. We have fought pretty hard to maintain this funding.

EDA serves as a venture capital resource to meet the economic development needs of distressed communities throughout the United States. EDAs mission is to lead the federal economic development agenda by promoting innovation and competitiveness, preparing American regions for growth and success in the worldwide economy.

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