Rep. Cuellar Announces $250,000 EDA Grant to Laredo Development Foundation
Grant Will Help promote International Business Investment in Laredo
Congressman Henry Cuellar (D-TX28) today announced a $250,000 grant from the Economic Development Administration (EDA) to the Laredo Development Foundation (LDF) for the development of their new International Business Assistance Center.
Aside from the $250,000 grant from the EDA, the Laredo Development Foundation is matching $75,000 in funds for a total investment of $325,000 that will further develop the International Business Assistance Center. The center will help businesses by promoting international investment and development opportunities in Laredo.
The funds will also be used to hire an international marketing manager and a project coordinator for the center in order to foster entrepreneurial development and job creation for the region. LDF will offer small and medium-sized businesses with the equipment, business development expertise, office space, conference rooms and support staff to encourage growth and create jobs.
The center will also aim to attract direct foreign investment to Laredo by opening up new markets for local businesses that want to expand into Mexico. It will also help foreign investors and local businesses find federal, state and local incentives.
“I congratulate the Laredo Development Foundation and the EDA for investing in this project which I believe will yield lasting economic benefits for the businesses and people of Laredo,” Congressman Cuellar said. “I thank the efforts of Olivia Varela, LDF Executive Director, and Jorge Ayala with the EDA for helping to secure these federal funds, which are a great economic investment for Laredo.”
LDF’s International Business Assistance Center will also work closely with the Small Business Development Center at Texas A&M International University, Laredo Community College, the City of Laredo and the South Texas Workforce Center to develop business-specific trainings and workforce trainings.