Senator Durbin: U.S. Commerce Secretary Locke Announces $4.5 Million in Recovery Act Grant

September 14, 2009 -- WASHINGTON, D.C. – Assistant Senate Majority Leader Dick Durbin (D-IL) today announced the decision by the U.S. Commerce Secretary, Gary Locke, to award a $4.5 million Economic Development Administration (EDA) grant to the Illinois Institute of Technology in Chicago, Ill., to help refurbish an existing building at the Institute’s University Technology Park for use as a technology business incubator facility. The project, made possible because of the American Recovery and Reinvestment Act of 2009 (ARRA), is expected to create additional jobs and private investment in the region.

“The Illinois Institute of Technology’s business incubator will build upon private investment in the Chicago region,” U.S. Sen. Dick Durbin said. “Today’s funding through the Recovery Act will enhance the University’s efforts and create good paying jobs in the community.”

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The Recovery Act was signed into law by President Obama on February 17, 2009. It is providing immediate relief for American families and jump-starting billions of dollars in new projects that are creating jobs, improving infrastructure and strengthening local economies.

EDA is an agency within the U.S. Commerce Department and supports the economic development needs of distressed communities throughout the United States. Its mission is to lead the federal economic development agenda by promoting innovation and competitiveness and preparing American regions for growth and success in the worldwide economy.

Additional information on how EDA investments are helping distressed communities create a positive and sustainable economic future can be accessed at: www.eda.gov.

Source: Senator Dick Durbin