PRESS RELEASE

$9.3 million investment in economic development efforts across the state
State of Louisiana Secures Disaster Recovery Grants from US Economic Development Administration
Louisiana Economic Development News Update
BATON ROUGE , La. (September 20, 2008) - Louisiana Economic Development (LED) Secretary Stephen Moret today announced that LED has secured $2.5 million in federal funds from the U.S. Department of Commerce’s Economic Development Administration (EDA). The funds are designated to assist with the economic recovery of communities affected by Hurricane Gustav. The grant is part of a $9,313,500 funding effort to help Louisiana communities develop business assistance programs, improve infrastructure and bolster economic development efforts.

Gov. Bobby Jindal said, “This $9.3 million commitment from EDA is a positive step in assisting our communities as they recover from hurricanes Gustav and Ike, and will help expand our state’s capacity for future economic growth. Of course, we have many more recovery needs at this time and we will continue to seek the assistance our communities need to help get people and businesses back on their feet.”

“The EDA has been a generous partner to the state of Louisiana, investing $35 million in more than 60 projects since 2005,” said Moret. “These grants have helped to create jobs and generate private investment. We thank the EDA and the U.S. Department of Commerce for their continued commitment to the economy and people of Louisiana.”

New EDA grants being announced today include:

• $2.5 million to LED for business assistance and development
• $1.5 million to town of Rayville for road infrastructure
• $1.2 million to Greater Ouachita Parish Port Commission for port infrastructure
• $1 million to St. Bernard Port Commission for port infrastructure
• $700,000 to Terrebonne Port Commission for port infrastructure
• $500,000 to Acadiana Regional Development District for Revolving Loan Fund recapitalization
• $460,000 to Regional Business Development Loan Corporation for Revolving Loan Fund recapitalization
• $450,000 to International Economic Development Council for technical assistance
• $303,500 to Regional Planning Commission for disaster recovery
• $250,000 to Tri-District Planning & Development District for Revolving Loan Fund recapitalization
• $250,000 to University of New Orleans Foundation for university research and technology park planning
• $200,000 to Louisiana Association of Planning & Development Districts for rural economic development assistance

“The administration is committed to boosting Louisiana’s commerce and quality of life in the wake of Hurricane Gustav,” said U.S. Secretary of Commerce Carlos M. Gutierrez. “This $9.3 million in Economic Development Administration funding will help Louisiana communities fortify their economic development planning efforts and provide the business development assistance and infrastructure improvements needed to build a stronger, more disaster resistant economy.”

LED plans to use the $2.5 million investment to fund hurricane recovery projects, including six business counseling centers currently located in affected communities, a 24-7 business recovery information center available at 1.877.610.3533, technical assistance for small businesses impacted by the hurricane and long-term economic recovery strategic planning.

EDA is the U.S. Department of Commerce’s primary bureau assisting with post-disaster economic recovery – although it does not have “first responder” duties or capabilities. EDA’s mission is to lead the federal economic development agenda by promoting innovation and competitiveness, preparing American regions for growth and success in the worldwide economy.

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