U.S. Senators Olympia J. Snowe (R-ME) and Susan Collins (R-ME) announced today that the U.S. Department of Commerce’s Economic Development Administration (EDA) has granted $35,267 to the Penobscot Indian Nation for American Indian Native Planning. The EDA grant will help establish an economic development planning framework, process and strategy that supports private capital investment and job creation in the region.
“The vitality of any region is predicated on sound economic planning. The Penobscot Indian Nation will benefit significantly from the EDA Grants as they work to attract new businesses to grow their economy and support new development,” said Snowe and Collins in a joint statement.
The Economic Development Administration (EDA) was established to work with states and localities to generate new jobs, retain existing jobs, and stimulate industrial and commercial growth in economically distressed areas and regions of the United States. The purpose of its program investments is to provide economically distressed communities with a source of funding for planning, infrastructure development, and business financing that will induce private investment in the types of business activities that contribute to long-term economic stability and growth. EDA’s investments are strategically targeted to increase local competitiveness and strengthen the local and regional economic base.