Federal Dollars Help Recovery in Texas
The federal government is providing the Houston area with $20.9-million worth of Economic Development Administration investments, which will be used to help boost the Texas Gulf Coast regionâ€™s economic recovery following hurricanes Ike and Gustav.
â€śThese investments will help rebuild the regionâ€™s global competitiveness and get Texas Gulf Coast communities, businesses and entrepreneurs back on their feet,â€ť Gary Locke, Secretary of Commerce, said in a statement.
â€˘ $10 million for the City of Galveston and Port of Galveston to make improvements to increase the efficiency and productivity of the port. It is estimated the project will create 300 jobs and generate $12 million in private investment.
â€˘ $10 million for the Gulf Coast Economic Development District of Houston to establish a disaster recovery revolving loan fund that will provide businesses in the Texas Gulf Coast region with the gap financing capital they need to recuperate.
â€˘ $900,000 for the Gulf Coast Economic Development District of Houston to support continued disaster recovery economic development planning efforts in the hurricane-impacted Texas Gulf Coast region and to help administer the revolving loan fund.