U.S. Commerce Department Invests $2.6 Million
in Federal Funds to San Juan and Cidra Puerto Rico

Selma Sierra, one of the Commerce Department's top officials for minority business development, today presented economic development checks totaling $2.6 million to the Puerto Rico Ports Authority of San Juan, Puerto Rico and the municipality of Cidra, Puerto Rico. The Commerce Department's Economic Development Administration (EDA) funded the investments.

"The Department of Commerce is pleased to partner with the people of Puerto Rico. President Bush believes one way to create jobs is to grow the economy by encouraging investments in local communities," said Evans.

"Minority Business Development Agency is proud to represent the Department of Commerce in presenting these investments to the Puerto Rico region," said Selma Sierra, Associate Director of Operations at the Minority Business Development Agency. " Local investment in communities such as San Juan and Cidra, bring us one step closer to reaching the Bush Administrations' goal of economic parity."

The Puerto Rico Ports Authority will receive $2 million to rehabilitate the Pier 16 dry dock, allowing ship repair service companies in the San Juan Port area to expand, create and save 378 jobs.

The municipality of Cidra, Puerto Rico will receive $560,000 to help build a municipal road that will improve access to a new hotel complex. The investment will create more than 140 jobs for local citizens and spur $3.9 million in private sector investments.

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, regions and communities in order to alleviate conditions of poverty and substantial and persistent unemployment and underemployment.

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