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Economic development grant opportunities within the American Rescue Plan
April 23, 2021
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Article
April 23, 2021
The American Rescue Plan Act of 2021 (ARP) provides local governments with an unprecedented opportunity to access federal funding to support community priorities. The ARP includes direct funding (known as Fiscal Recovery Funds) to state and local governments as well as additional competitive grant programs flowing through various federal agencies.
One component of the ARP is $3 billion allocated to the U.S. Economic Development Administration (EDA). This funding will be released through competitive grants to communities for economic development projects and infrastructure needs. EDA expects to publish grant guidelines within the next several weeks that will provide more information on eligibility and how to apply. This funding opportunity will likely be open to all communities nationwide. The types of eligible projects will likely include:
All communities may be eligible to apply for this competitive funding. Set the stage for success now with the following proactive steps to support community growth and recovery.
When the EDA grant application is released, communities that have already identified potential projects and taken these initial steps to be prepared for this opportunity will have a competitive advantage and can position themselves to move quickly and apply.
Baker Tilly’s economic development specialists can guide your community through the EDA process. We are actively monitoring federal guidance on all aspects of the ARP and can advise communities on accessing funds, eligible uses and compliance requirements. This includes assisting in pursuing the EDA grant opportunity.
There are steps you can take now to be ready to apply for an EDA grant. Our EDA grant checklist outlines pre-application preparation guidance and the steps the application process will likely include.
For more information, or to learn more about how we can help your community, contact our team.
American Rescue Plan resources for public sector
Stay up-to-date on ARP news and guidance for local governments.