Grant money will fund the creation of a Comprehensive Economic Development Strategy, the first step in the Economic Development District process
Madison – The U.S. Economic Development Administration awarded Thrive a $97,500 grant to begin the process of obtaining a federally-approved Economic Development District (EDD) designation for the Madison Region. This designation will create much-needed funding opportunities, including seed money for revolving loan funds, planning grants, and infrastructure funding. With more than seven EDDs already in Wisconsin covering 85 percent of the State, the attainment of this EDD designation will cover the important missing piece of the Madison Region.
The EDA grant money will enable Thrive to complete the first step of becoming an EDD by creating a Comprehensive Economic Development Strategy (CEDS). This strategy is intended to bring together the public and private sectors in the creation of an economic roadmap to diversify and strengthen the regional economy. The CEDS will support private capital investment and job creation in the region while serving as a guide for establishing regional goals and objectives, developing and implementing a regional plan of action, and identifying investment priorities and funding sources.
“CEDS is exactly the type of cross-jurisdictional collaboration we need to leverage the diverse assets of the region as a whole,” comments Sean Robbins, Executive Vice President of Thrive. “It’s an important first step to obtaining the Economic Development Designation, which would open up more sources of capital for businesses looking to expand here.”
Additional details on Thrive’s process of creating the CEDs and obtaining the EDD designation will be forthcoming.
Thrive is the economic development partnership for the eight-county Madison Region (Columbia, Dane, Dodge, Green, Iowa, Jefferson, Rock, and Sauk counties) with a vision to create a dynamic environment where people and businesses prosper. We help the economy grow by providing assistance to businesses, influencing public policy, and collaborating with local communities to retain and expand existing businesses.