On February 20, 2019, U.S. Department of Commerce’s Economic Development Administration (EDA) awarded an $800,000 grant to the town of Tabor City, North Carolina, to renovate and repurpose a historic building for use as a business incubator that will help revitalize the economy of the region.
Tabor City has a population of about 4000, and is known as the “Yam Capital of the World” and hosts the annual North Carolina Yam Festival.
“We commend Tabor City on their strategy to help support local entrepreneurs,” said Deputy Assistant Secretary for Regional Affairs Dennis Alvord. “This project will strengthen the local economy by providing new and existing businesses with the tools they need to grow and thrive.”
The project will help the region recover from damage caused by Hurricanes Matthew and Florence, which caused significant business disruption and loss in 2016 and 2018 respectively.
The new incubator will support local disaster resiliency efforts by helping new businesses grow and established businesses start over or expand.
This project was made possible by the regional planning efforts led by the Southeastern Economic Development Commission. EDA funds the Southeastern Economic Development Commission to bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment and create jobs.
The mission of the EDA is to lead the federal economic development agenda by promoting revitalization in the nation’s regions for success in the global economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term, sustainable economic growth.
Featured photo is courtesy of the North Carolina Yam Festival.