Through the program, teams of university staff and business management leaders will work with the selected firms to improve their resilience, operations, and margins.
"The vitality of any region is predicated on well-run businesses. The businesses selected to participate in the Alliance will benefit significantly from this EDA funding as they work to improve their business models, helping to improve the overall economy," said Snowe and Collins in a joint statement.
The Economic Development Administration was established to work with states and localities to generate new jobs, retain existing jobs, and stimulate industrial and commercial growth in economically distressed areas and regions of the United States. The purpose of its program investments is to provide economically distressed communities with a source of funding for planning, infrastructure development, and business financing that will induce private investment in the types of business activities that contribute to long-term economic stability and growth. EDA's investments are strategically targeted to increase local competitiveness and strengthen the local and regional economic base.