The United States Economic Development Administration (USEDA) has announced new funding opportunities through The Partnerships for Opportunity and Workforce and Economic Revitalization (POWER) Initiative. This new economic effort was created to help revitalize communities that have been impacted by negative changes in the energy sector. Through this partnership, the EDA solicits applications in rural and urban areas that support construction, non-construction, technical assistance, and revolving fund projects. Economic development assistance grants and awards may be available to the companies responsible for helping with the ongoing revitalization efforts of our community.
What Are The Qualifications?
You must be a company operating in the region that supports the economic growth and revitalization of our community. Questions about whether your company meets the qualification standards may be inquired through our office.
Do I Have to Pay Interest on Grants?
No. Grants are considered gifts. Economic development assistance grants are awarded to companies and do not have to be paid back as long as the conditions of the award are met. It is important to note that you may have to file progress reports from time to time in order to keep your award. Detailed information regarding filing these kinds of reports, if applicable, will be included in your award letter.
How Much Does My Company Qualify For?
This amount is calculated by a measurement developed by the Indiana Business Research Institute, based on an area’s level of distress and its predetermined need. You will have to apply to find out how much your award might be worth.
How Do I Apply For a Grant?
Applications are available online. The grant application process can be very time-consuming, so be sure to apply early and to carefully read the instructions before submitting.
Do I Need to Hire a Grant Writer?
No. Although you may apply for a reward without the assistance of an experienced grant writer, you might consider hiring one. The EDA does not specify who should write your proposal, but we highly recommend having an experienced professional write one. In most cases, you will only have one chance to ask for grant money. Make it count!
How Long Until I Receive a Decision?
It’s impossible to calculate the length of the decision process. Many factors, including the volume of awards sought, should be taken into consideration. You would have to contact the EDA directly to evaluate how long an award might take to be determined.