CARES grant invests $750K in CSUMB efforts to help small businesses recover from pandemic
April 9, 2021
WASHINGTON – The U.S. Department of Commerce’s Economic Development Administration announced a $749,810 CARES Act Recovery Assistance grant to the University Corporation at Monterey Bay on Thursday, April 8. The grant will provide technical assistance to coronavirus-impacted small businesses and support the economic resiliency of the Monterey Bay region. It is expected to create 35 jobs, retain 200 jobs, and generate $3 million in private investment, a news release.
“The Economic Development Administration is committed to helping communities across the nation implement strategies to resolve economic hardships brought on by the coronavirus pandemic,” said Dennis Alvord, the administration’s acting assistant secretary.
“The pandemic’s impact on the economy of the Monterey Bay region has had a disproportionate impact on businesses within underserved communities that this grant will mitigate and address.”
The University Corporation at Monterey Bay is a nonprofit organization and fully-integrated part of CSU Monterey Bay that exists to enhance CSUMB’s educational programs; directly serve students, faculty, and staff; and provide services to the public.
The grant funds will strengthen the ability of Startup Launchpad, an initiative supporting entrepreneurs in Monterey Bay and San Benito counties, to provide support to minority-led businesses that have been disproportionately impacted by the COVID-19 pandemic, the release said.
Startup Launchpad will provide technical assistance to affected businesses in the form of collaborative programs, training, and educational events. It is a part of the Institute for Innovation and Economic Development, or iiED, a program of CSUMB’s College of Business.
“California is known the world over for its entrepreneurial spirit and innovative economy,” Gov. Gavin Newsom. “Small businesses, the backbone of our economy, are facing unprecedented challenges amid the COVID-19 pandemic, and it is critical that we continue to provide them with the support they need to keep their doors open and their employees on the payroll. This assistance will create jobs and generate investment in underserved Monterey and San Benito county communities hit hard by the pandemic, and builds on California’s commitment to ensure an equitable, broad-based recovery.”
This project is funded under the Coronavirus Aid, Relief, and Economic Security or CARES Act, which provided $1.5 billion for economic assistance programs to help communities prevent, prepare for, and respond to coronavirus.
The U.S. Economic Development Administration’s mission is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy, the release said. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.