U.S. Commerce Secretary Gives Small Businesses Largest Economic Development Grant
by the Bush Administration
Awards $6.44 Million to Alameda, California

U.S. Commerce Secretary Don Evans today spotlighted California small businesses by presenting a $6.44 million check to Alameda, Calif., the largest-ever economic development grant given by the Bush Administration. The check was presented to Advancing California’s Emerging Technologies (ACET) to expand the Oakland Alameda Bio Tech Incubator to a forty thousand square foot, state-of-the-art laboratory. The new facility will house nearly 40 high technology, biotechnology, environmental and energy start-up companies.

“Small businesses are the heart of our economy and the pathway to prosperity for many Americans,” said Evans. The Department of Commerce is pleased to partner with the people of Alameda to help improve the business climate and standard of living in the Bay Area.”

The newly expanded building will be the largest of its kind west of the Mississippi. The services will include, fully equipped laboratory and office space, including office space for potential overseas business partners.

Since May 1998, ACET has helped seven companies create nearly 1,000 jobs and generate close to $150 million in venture capital. ACET predicts once the new facility is completed, the organization will help create 6,000 jobs to the Bay Area and attract nearly $1 billion in investments.

The Commerce Department’s Economic Development Administration (EDA) funded the investment. Groundbreaking for the new building is expected in December 2002, and the completion date is scheduled for 2004.

EDA serves as a venture capital resource to meet the economic development needs of distressed communities throughout the United States. EDA partners with states, units of local government and community nonprofit organizations in economically-distressed areas. Additional information on how EDA investments are helping distressed communities create a positive and sustainable economic future can be accessed at www.doc.gov/eda.