What: The Build Back Better Regional Challenge is designed to assist communities nationwide in their efforts to build back better by accelerating the economic recovery from the coronavirus pandemic and building local economies that will be resilient to future economic shocks. This opportunity will provide a transformational investment to 20-30 regions across the country that want to revitalize their economies. These regions will have the opportunity to grow new regional industry clusters or scale existing ones through planning, infrastructure, innovation and entrepreneurship, workforce development, access to capital, and more.
- Phase 1: 50-60 regional coalitions of partnering entities will be awarded ~$500,000 in technical assistance funds to develop and support three to eight projects to grow a regional growth cluster.
- Phase 2: EDA will award 20-30 regional coalitions $25 million to $75 million, and up to $100 million, to implement those projects.
Potential Applicants: EDA invites eligible applicants to form regional coalitions to apply for funding to implement a collection of three to eight distinct but related projects in their region, in coordination with industry and community partners, and aligned around a holistic vision to build and scale a strategic industry cluster. Applicants should identify one key coordinating lead institution per regional cluster to lead the concept and projects into the implementation phase, while fostering collaboration and coordinating resources to ensure these investments have the greatest economic impact on our communities, regions, and the nation.
Coalition members eligible to apply for investment assistance for their region include a(n):
- District Organization of an EDA-designated Economic Development District
- Indian Tribe or a consortium of Indian Tribes
- State, county, city, or other political subdivision of a State, including a special purpose unit of a State or local government engaged in economic or infrastructure development activities, or a consortium of political subdivisions
- Institution of higher education or a consortium of institutions of higher education
- Public or private non-profit organization or association acting in cooperation with officials of a political subdivision of a State Individuals or for-profit entities are not eligible.
How Much: Phase 1 - $200,000-$500,000; Phase 2: $25,000,000-$75,000,000
Deadline: October 19, 2021