Funding Tools for Economic Resilience

Individuals, businesses, and communities can implement tools, policies, and strategies like those explained above to facilitate the development of economic resilience. There are, however, costs associated with implementing or executing each of these strategies or tools. Luckily, there are a variety of sources that can help fund the realization of these plans, programs, and tools in the real world, including, but not limited to: the federal government, non-profits, private businesses, and local governments. In many cases, funding need not come from one single source — those looking to introduce these strategies can finance their vision through a combination of available and applicable sources.

Lessons Learned

• The most successful economic resilience projects incorporate a variety of funding resources from several different partnerships and sources. Typically, one source of funding will not be able to cover the cost associated with the implementation and promulgation of a program.
• Those looking to implement programs facilitating economic resilience should look to existing programs and sources of financing. Many private grants, as well as local and federal government funding, specifically lay out what requirements must be met to receive funding. Adapting training, hiring, or youth engagement programs to address these requirements can open doors to alternative funding mechanisms that would otherwise not have been available.
• Educating the community about the importance of economic resilience can increase awareness about private funding in the area. Leveraging private funds or grants from local businesses is vital to creating economic resilience within a neighborhood. The more economically stable individuals and local businesses are, the more economically stable an entire region will be.

Local/Private Grants/Programs

Implementers should always take local and private programs and grants into account. Even without financial assistance, many business operations will prefer to hire local employees rather than outsourcing. While private or local grants may not be able to fund comprehensive programs, they can help in funding smaller scale, specific projects. Implementers can learn about these opportunities through conducting outreach with the community and local businesses, as well as educating sources outside of the community of the economic opportunities these programs will bring.

Projects: see all — at least portions of all case studies; for an excellent, specific example, see Corvias’ funding of The Clean Water Partnership.

Economic Development Agency (EDA)

A region is eligible for funding from the U.S. Economic Development Agency only if it updates or submits a new CEDS document every five years.^{See footnote 1} Once this is completed, the region is eligible for EDA’s Public Works and Economic Adjustment Assistance program. Funding from this program is used to support economic development in low-income communities through the creation of jobs and attracting private sector investments.^{See footnote 2} The money awarded is used in a variety of projects, including “construction, non-construction, planning, technical assistance, and revolving loan fund projects under EDA’s Public Works program.” The award ceiling is $3,000,000 for 2020 projects.

Projects: see case studies within the CEDS section.

State Renewable/Clean Energy Jobs Funds

Many states offer renewable energy credits or financing programs, which will help to pay for the development of green energy programs in the region. For example, in the District of Columbia, the Renewable Energy Development Fund awards grants for the purpose of promoting solar energy projects throughout the city. The New York State Energy Research & Development Agency works statewide to fund projects that reduce energy bills, mitigate and adapt to climate change, and provide other workforce development and training opportunities. To find a list of sources that will assist in funding state renewable resources, please see here.

Projects: see Solar Works DC and PUSH Green case studies.