Central Indiana Finalist in Regional Economic Challenge
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The U.S. Economic Development Administration has announced 60 finalists for the agency’s “Build Back Better Regional Challenge,” and a central Indiana coalition made the initial cut out of 529 applicants. The EDA says the winning programs will receive up to $100 million to use towards economic pandemic recovery.
The 60 finalists – each a coalition of partnering entities – have proposed projects that will develop or scale industry sectors, develop and train workers and build resilient economies.
The federal agency says the Central Indiana Initiative intends to “improve the competitiveness of, and access to, the region’s food processing and manufacturing cluster.” If it receives a grant, the coalition proposes several component projects, including launching food processing and production facilities, a Learning Lab and Science Center, and build a coalition for improving and coordinating regional transit.
As a finalist, the central Indiana project, which is led by the city of Indianapolis, will receive a $500,000 grant to further develop their proposed projects. In the next phase, applicants will further refine their proposals as they seek the bigger grants.
Ultimately, 20-30 regional coalitions will receive funding, ranging from $25 million to $100 million.
Click here to read more about the program.