Press Release

U.S. Secretary of Commerce Carlos M. Gutierrez Announces $6 Million in Investments in the State of Missouri

KANSAS CITY, Mo.—U.S. Commerce Secretary Carlos M. Gutierrez today announced the Commerce Department has invested $6 million in federal funds to build and renovate two business technology incubators and a workforce training center in Missouri. The investments are expected to create 687 higher-skill, higher wage job opportunities in Missouri's technology sector and attract nearly $80 million in private investments.

The investments include:

• $3.5 million to the St. Patrick Center in St. Louis to help make renovations to support a small business incubator and a trades training center. The incubator is expected to create 387 new jobs and the training center will graduate 200 retrained workers a year. The investment is expected to generate $22 million in private investment.
• $2.5 million to Missouri Western State University in St. Joseph to help build a 25,000 sq. ft. technology incubator and create 300 jobs. The investment will help to create higher-skill, higher-wage jobs and generate $56 million in private investment.

"President Bush and I are committed to partnering with communities to promote innovation and competitiveness," said Gutierrez. "The growing technology sector is an excellent example of the State's ability to innovate. The Commerce Department will continue to encourage investments in local areas, grow the economy and create jobs."

"The St. Patrick Center is a model for serving our urban communities," said U.S. Sen. Jim Talent. "They help provide opportunities for self-sufficiency and dignity for people in need, with an emphasis on those who experience mental illness or chemical dependence and are living below the poverty level. This funding will allow the Center to continue to expand its facility and programs to empower people in the St. Louis region to become financially self-sufficient."

Added Talent, "I'm pleased to announce this funding for Missouri Western State University. This incubator will give entrepreneurs in the area the opportunity to develop sustainable businesses that will bring jobs and economic growth to the area."

"Today's announcement is great news for Western and the entire region," said U.S. Senator Kit Bond. "This project will serve as an economic development tool for local businesses, while attracting new, innovative businesses to the region."

"I couldn't be more pleased for the people of St. Joseph," said U.S. Congressman Sam Graves. "Not only will this money create more jobs and a better infrastructure for St. Joseph, but it gives the students at Missouri Western State University more opportunities."

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 communities that are facing economic challenges create a positive and sustainable economic future can be accessed at: http://www.eda.gov.