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Simple English definitions for legal terms
Economic Development Administration
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A quick definition of Economic Development Administration:
Economic Development Administration: A part of the U.S. Department of Commerce that helps to improve the economy in struggling areas by giving money for projects that create jobs and improve public facilities. It was created in 1965 to reduce unemployment in areas that are having a hard time economically.
A more thorough explanation:
The Economic Development Administration (EDA) is a unit within the U.S. Department of Commerce that helps to develop local economies and distressed areas. Its main goal is to reduce persistent unemployment in economically distressed areas by making grants for public works and development facilities.
The EDA was created in 1965 by the Public Works and Economic Development Act. Since then, it has provided funding for a variety of projects, including:
- Infrastructure improvements, such as roads, bridges, and water systems
- Business incubators and innovation centers
- Community facilities, such as hospitals and community centers
- Workforce development programs
For example, the EDA might provide funding for a new business incubator in a struggling community. This incubator would provide resources and support for entrepreneurs, helping to create new businesses and jobs in the area. By investing in projects like this, the EDA aims to stimulate economic growth and improve the quality of life for residents in distressed areas.