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.
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.
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.
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.
1. Comprehensive Economic Development Strategy (CEDS) Content Guidelines: Recommendations for Creating an Impactful CEDS, US Economic Development Administration (February 2020), View Source | Back to contentBack to content
2. FY 2020 EDA Public Works and Economic Adjustment Assistance Programs, Grants (October 18, 2019), View Source. | Back to contentBack to content
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