Press Release

Gutierrez and Wilson Announce $3.45 Million in Federal Funds for Albuquerque Organizations

WASHINGTON—U.S. Commerce Secretary Carlos M. Gutierrez and U.S. Representative Heather A. Wilson (R-NM) today announced $3.45 million in Economic Development Administration (EDA) investments to three Albuquerque organizations to boost business development and job growth.

“President Bush and his administration are committed to partnering with communities to promote innovation and competitiveness,” said Gutierrez. “These investments are great examples of Representative Heather Wilson’s commitment to encourage investments in local areas, grow the economy and create jobs in New Mexico.”

The investments include:

• $1.25 million to the Women’s Economic Self-Sufficiency Team Corporation to help build a small business incubator facility. The facility will house 18-30 new or expanding businesses focused on digital media production, artisan manufacturing, alternative energy and service industry clusters. The incubator will offer business education, services, micro loans and facility amenities such as common space conference rooms and computer labs. The investment is expected to create 150 new jobs and generate $100,000 in annual private sector investments.
• $1.1 million to the Science & Technology Park Development Corporation to help make infrastructure improvements to the Sandia Science & Technology Park. The investment is expected to create 370 jobs and generate $14.9 million in private investment.
• $1.1 million to the University of New Mexico-Albuquerque to help build Phase III of a semiconductor and micro systems processing cleanroom within the Manufacturing Training and Technology Center (MTTC) at the University of New Mexico (UNM). The investment is expected to generate $20 million in private sector investments and provide training for 200 jobs per year.

“These federal funds are sound investments that will help create jobs,” said U.S. Representative Heather A. Wilson. “Government can’t create wealth, but it can help create the conditions for small businesses and entrepreneurs to create jobs.”

Gutierrez and Wilson will present the grants tomorrow in Albuquerque following their tour of Roses Southwest Papers manufacturing facility where they will be discussing a range of economic issues with local officials.

EDA serves as a venture capital resource to meet the economic development needs of distressed communities throughout the United States. 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.

Additional information on how EDA investments are helping distressed communities create a positive and sustainable economic future can be accessed at http://www.eda.gov.