Feb 25, 2011

MadREP receives $97,500 EDA grant

The U.S. Economic Development Administration awarded MadREP a $97,500 grant to begin the process of obtaining a federally-approved Economic Development District (EDD) designation for the Madison Region.

This designation will create much-needed funding opportunities, including seed money for revolving loan funds, planning grants, and infrastructure funding. With more than seven EDDs already in Wisconsin covering 85 percent of the State, the attainment of this EDD designation will cover the important missing piece of the Madison Region.

The EDA grant money will enable MadREP to complete the first step of becoming an EDD by creating a Comprehensive Economic Development Strategy (CEDS). This strategy is intended to bring together the public and private sectors in the creation of an economic roadmap to diversify and strengthen the regional economy. The CEDS will support private capital investment and job creation in the region while serving as a guide for establishing regional goals and objectives, developing and implementing a regional plan of action, and identifying investment priorities and funding sources.