U.S. Secretary of Commerce Carlos M. Gutierrez Announces $1 Million Investment in Hereford, Texas
U.S. Commerce Secretary Carlos M. Gutierrez today announced a $1 million Economic Development Administration (EDA) investment to the city of Hereford and Deaf Smith County, Texas. The investment will help build infrastructure to support a biomass-powered ethanol plant. The investment is expected to create 61 jobs and generate $32 million in private investment.
“President Bush and I are committed to partnering with communities to promote innovation and competitiveness. Through economic development grants like these, the Commerce Department will continue to encourage investments in local areas, grow the economy and create jobs,” said Gutierrez.
“This project will strengthen the local Hereford economy as well as our nation’s efforts to develop renewable and alternative energy sources,” said U.S. Senator Kay Bailey Hutchison. “Achieving energy independence is an economic and national security issue. It is important we continue to see funding provided to local projects such as this that promote innovation and job creation.”
“This funding is good news for future economic development in the area,” said U.S. Senator John Cornyn, a member of the Senate Small Business Committee. “In addition to boosting the local economy and creating jobs, this investment helps build important energy infrastructure in Texas. I applaud the local leaders who worked to secure this funding.”
“America must develop new renewable energy sources to ensure a diverse and reliable energy supply, and ethanol must be part of that solution,” said U.S. Representative Randy Neugebauer. “In addition to helping to improve our country’s current fuel situation, this project will also have a profound effect on Hereford’s economy.”
EDA serves as a venture capital resource to meet the economic development needs of distressed communities throughout the United States. EDA’s mission is to lead the federal economic development agenda by promoting innovation and competitiveness, preparing American regions for growth and success in the worldwide economy.
Additional information on how EDA investments are helping distressed communities create a positive and sustainable economic future can be accessed at: http://www.eda.gov.