Economic Development Administration Reauthorization Act of 2004 targets $735,000 for JumpStart Inc.
U.S. Rep. Steven C. LaTourette (R-Concord) was joined on Friday October 22nd, by David A. Sampson, Assistant Secretary for Economic Development at the U.S. Department of Commerce, to announce several grants in EDA bill, S. 1134.
The bill, which was approved by the Senate on October 6th by unanimous consent and approved by the House by a vote of 388-31 on October 7th, recommends that $735,000 be made available for support of JumpStart, a cooperative effort in Northeast Ohio that works with entrepreneurs to develop high-growth businesses. President Bush signed the bill into law yesterday, October 27, 2004.
The Economic Development Administration (EDA) works with states and local governments to generate new jobs, retain existing jobs, and stimulate industrial and commercial growth in economically distressed areas by providing a source of funding for planning, infrastructure development, and business financing.
Congressman LaTourette was first introduced to JumpStart through the Greater Cleveland Partnership. Recognizing the importance of JumpStart's mission to Northeast Ohio, he moved quickly to have a provision for JumpStart included in the EDA Bill.
JumpStart CEO and President Ray Leach expressed appreciation for the Congressman's efforts. "Congressman LaTourette's support of our organization will greatly assist our efforts to advise, assist and invest in the brightest ideas coming from our region. This funding,combined with the generous support of regional foundations,corporations and the state of Ohio, will help us grow Northeast Ohio's position as a nationally significant center for entrepreneurship and innovation."