U.S. Economic Development Administration Invests Nearly $785,000 to Support Entrepreneurship in California

Joe Wallace, Managing Director, Coachella Valley Innovation Hub
Joe Wallace, Managing Director, Coachella Valley Innovation Hub

U.S. Economic Development Administration Invests Nearly $785,000 to Support Entrepreneurship in California

Wednesday, May 21, 2014

WASHINGTON — The U.S. Commerce Department’s Economic Development Administration (EDA) today announced a $784,769 grant to the Coachella Valley Economic Partnership in Palm Springs, California. The investment will go toward renovating four buildings for use as a business accelerator that will focus on helping new, tech-based entrepreneurial firms grow and thrive.

“Supporting innovation and entrepreneurship is a major focus for EDA, the Department of Commerce, and the Obama Administration,” said U.S. Assistant Secretary of Commerce for Economic Development Jay Williams. “The EDA grant announced today provides work space for companies in the start-up phase, which will enable them to grow and compete in the marketplace.”

The Coachella Valley region has experienced high unemployment in recent years. This business accelerator will provide an opportunity for the region to diversify its economy and create jobs in growing fields. According to the grantee, the accelerator will contribute to the development of renewable energy technologies, including wind and solar power, which are huge growth sectors in California. According to the grantee, beneficiaries of the project have committed to creating 65 new jobs.

The Coachella Valley iHub and Accelerator Campus are under the leadership of Joe Wallace who is the editor of the City County Observer and was the founding president and CEO of the Growth Alliance for Greater Evansville (GAGE). Since opening in 2012 the CViHub has attracted over 30 startup companies and is now regarded among the most effective programs of its type in the nation and first among the 16 California Innovation Hubs.

About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) 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. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.


    • $9 Billion is way too much for anything we want to do. Our cost after this grant to set up roughly 60,000 square feet of incubation and acceleration space is only $4 Million and the rest came from LOCAL SOURCES. There are only about 300 towns in America with populations over 100,000. So for $1.2 Billion every city of sufficient size could have what we have established and the other $7.8 Billion could retire debt.

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