EDA Webinar Recap: Build Back Better Regional Challenge

The EDA held a webinar diving deeper into the Build Back Better Regional Challenge program, one of the six unique programs being offered through recently updated investment priorities. It is an effort to help communities build back better by accelerating economic recovery from the coronavirus pandemic.

As the biggest program in terms of dollars, this initiative aims to invest $1 billion to transform economically distressed communities through substantial investment and regional growth clusters. $100 million of the funding will be allocated towards supporting coal communities. EDOs are encouraged to come up with bold, dynamic, and inclusive strategies to advance infrastructure, workforce development, planning, and entrepreneurship to grow resilient regional industries.

The program's intent is to transform regional economies, supercharged businesses, and regional growth clusters through a collection of collaborative aligned projects designed to grow new industries or scale existing ones. The EDA is looking for proposals that include the regional coalition's industry support and high-impact projects with a shared vision for regional growth. There needs to be one key coordinating entity per region, but there could be up to three to eight projects or regional clusters. 

Members that can apply for these grants include:

  • District Organization of an EDA-designated Economic Development District Indian Tribe
  • Any political subdivision of a State or a consortium of political subdivisions
  • Institution of higher education or a consortium of institutions of higher education
  • Public or private non-profit organization acting in cooperation with officials of a political subdivision of a State

(Individuals, small businesses, and for-profit entities are not eligible to apply for these grants). 

The application for phase one will be open till October 19th, 2021, and it will consist of the selection of 50 to 60 regional clusters for technical assistance grants of up to $500,000 to support three to eight projects. The aim of this funding is to accelerate the readiness,  strategies, and capacities of regions to help them identify economic competitiveness. The phase two deadline is March 15th, 2022, where regional coalitions will receive $25-$100 million to implement those projects.