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President Biden signed legislation that reauthorized the Economic Development Administration (EDA) on Jan. 4. With the Heritage Foundation, among others, consistently calling for EDA’s elimination, EDA’s reauthorization is no small feat on its own. The strong bipartisan support for the bill, which included provisions related to water resources development, is perhaps even more remarkable. The House approved it 339-18 on December 10, and the Senate passed it 97-1 on December 18. As authorizing legislation, it does not include funding, but it does contain provisions that are of importance to the technology-based economic development field. Among the provisions are modifications to cost share, new responsibilities and offices for EDA, and investment priorities that for the first time are approved by Congress.

The U.S. Economic Development Administration (EDA) could see its first reauthorization since 2004, depending on how the post-election congressional work period progresses. Leaders of the Senate committee that oversees the annual defense bill have agreed to include a proposal to reauthorize EDA’s public works and economic adjustment programs in their negotiations with the House as part of the national defense authorization bill. Sections of the proposal that seem most relevant to tech-based economic development—Build to Scale and Tech Hubs are authorized separately—include codifying the University Centers program (which is authorized but not defined in detail by EDA’s current statutes), creating a new workforce training grant that would enable nonprofits and municipalities to offer new programs and states to provide scholarships, and establishing an office for disaster response so that EDA can be better-prepared to efficiently award future emergency funds.

SSTI recently hosted an informational session with EDA representatives about the 2024 Build to Scale program. The $50 million program is accepting applications until October 28. The recording and slides are now available here for those who missed it or want to review. To help organizations identify counties that meet EDA’s Equity Investment Priority criteria, SSTI has developed a new interactive map. This tool also shows the locations of NSF Engines and EDA Tech Hubs across the country. While not required for eligibility, proposed projects that can demonstrate affiliation with NSF Engines or EDA Tech Hubs can receive up to five points in the evaluation process. Working with rural or persistent poverty counties helps EDA meet its congressional requirements. Access the map here.

With the release of the Economic Development Administration’s (EDA) 2024 Notice of Funding Opportunity (NOFO) for its Build to Scale program, time has begun ticking towards the October 28 application deadline. To assist organizations with determining eligibility under EDA’s Equity Investment Priority, SSTI has developed a map visualizing counties that are either rural or in persistent poverty, made public through SSTI’s Technology-Based Economic Development (TBED) Community of Practice (CoP).

The Economic Development Administration has released the 2024 Notice of Funding Opportunity (NOFO) for its Build to Scale program. With $50 million in available funding, the program continues to support regional commercialization, entrepreneurship, and capital formation efforts. This year’s competition, however, comes with a restructured application process and updated evaluation criteria.

The Distressed Area Recompete Pilot Program, a program authorized by the CHIPS and Science Act, targets areas where the share of prime-age (25-54 years) employment is significantly lower than the national average. The program’s goal, according to a press release from EDA, is “closing this gap through flexible, locally-driven investments.”

Following its announcement of implementation awards to 12 Tech Hubs regions, the U.S. Economic Development Administration made Consortium Accelerator Awards of $500,000 to each of the additional 19 Tech Hubs designated regions. This funding should enable regions to continue dedicated efforts to strengthen their strategies and partnerships and to pursue alternative sources of implementation project funding. The National Science Foundation made similar awards to the Regional Innovation Engines finalists earlier this year, and SSTI witnessed the potential value of such support while working with RTI International and the Build Back Better Regional Challenge finalists, which did not receive such continuation assistance. While EDA has not issued a separate release about the awards, local coverage can be found from Chicago, Kansas City, Oregon, and Rhode Island.

The U.S. Department of Commerce has announced a new $25 million Good Jobs Challenge Notice of Funding Opportunity for investment in high-quality, locally led workforce training programs that lead to good jobs. EDA anticipates making 5-8 awards ranging from $1 to $8 million, which are expected to be announced in winter 2024. Projects that align with and advance a Tech Hub designee’s strategy are eligible to earn up to five award points, according to the NOFO (pg. 45).

The Economic Development Administration today announced $504 million in funding across 12 Tech Hubs, the culmination of a 14-month selection process to choose the first regions funded for implementation projects under the program. The 12 Hubs receiving implementation awards are listed in the graphic below.

SSTI has released a new video in our Federal Funding Video Library featuring Trent Thompson, economic development representative with the Economic Development Administration’s Denver Regional Office. In this interview, we discuss how EDA’s Economic Adjustment Assistance (EAA) funds can be leveraged to support technology-based economic development (TBED) activities. The interview provides practical advice on the application process, examples of previously funded TBED projects, and strategies for aligning these funds with your region’s needs.