Economic Development Administration

From Academic Kids

The Economic Development Administration (EDA) is an agency in the United States Department of Commerce that provides grants to economically-distressed communities to generate new employment, help retain existing jobs and stimulate industrial and commercial growth.

The EDA was established under the Public Works and Economic Development Act of 1965 to generate jobs, help retain existing jobs, and stimulate industrial and commercial growth in economically-troubled areas of the United States. EDA assistance is available to rural and urban areas of the United States experiencing high unemployment, low income, or other severe economic distress.

Its stated mission is to "enhance community success in attracting private capital investment and higher-skill, higher-wage job opportunities."

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