EDA’s New Funding Opportunity: Economic Recovery Corps and Equity Impact Investments Programs

EDA’s New Funding Opportunity: Economic Recovery Corps and Equity Impact Investments Programs 

EDA is excited to announce a new funding opportunity that includes two programs that will strengthen equitable economic development strategies across the nation. 

CLICK HERE FOR THE NOTICE OF FUNDING OPPORTUNITY (NOFO)

Equity is EDA's top investment priority. This NOFO funds two distinct national programs designed to support underserved communities and populations across the country in developing successful economic development plans and projects.

The Economic Recovery Corps program will add staff resources to local organizations focused on improving economic resilience and competitiveness in distressed regions across the country. The Equity Impact Investments program will provide technical assistance to enable organizations serving underserved populations and communities to participate in economic development planning and projects.

EDA seeks collaborative and innovative partners to build and launch these new initiatives. We welcome different perspectives and approaches, so please share this opportunity with your networks!

BUILDING AN ECONOMIC RECOVERY CORPS (NOFO pages 4-8)

The Economic Recovery Corps program seeks a Network Operator (an organization or coalition) to build, launch, and operate an economic development fellowship program in cooperation with EDA. The program would recruit and place at least 50-75 fellows in economic development organizations in underserved communities throughout the nation to help communities that face limited resources and staff build more equitable, resilient, and future-focused economies and industry clusters. The Economic Recovery Corps program will also provide information and analysis from across the country to accelerate the adoption of equitable economic development principles.

EDA seeks to award one grant to a Network Operator between $20 million and $25 million, with a five-year period of performance. For more information about evaluation criteria, desired outcomes, and other program information, click here. 

Deadline to apply: August 5, 2022

A webinar about this funding opportunity will be held on Thursday, June 23 at 1:30 p.m. EDT. RSVP HERE for the webinar.

Questions? Email networks@eda.gov. 

INVESTING IN EQUITABLE ECONOMIC DEVELOPMENT (NOFO pages 8-11)

The Equity Impact Investments program seeks an applicant to build capacity and knowledge within organizations serving underserved populations and communities to help them effectively participate in local economic development efforts and strengthen their engagement in economic development initiatives. Representation of all underserved communities is critical for economic development, and this program intends to create the understanding, resources, and intersections for long-lasting relationships.

This program also aims to enhance the ability of current EDA grantees to support underserved populations and communities. EDA is seeking applicants with a proven track

record of effectively working with, conducting outreach to, and delivering outcomes for these communities.

Funding for the program is between $3 million and $10 million and will be dependent on reach, impact and number of grants awarded. Ideal budget requests per grant is between $3 million to $6 million. For more information about evaluation criteria, desired outcomes, and other program information, click here. 

Deadline to apply: August 5, 2022

A webinar about this funding opportunity will be held on Wednesday, June 22 at 2 p.m. EDT. RSVP HERE for the webinar.

Questions? Email EquityImpact@eda.gov