WASHINGTON – The U.S. Commerce Department’s Economic Development Administration (EDA) June 27th announced a $800,000 grant to the Iowa City Area Development Group (ICAD) of Iowa City, Iowa, to help establish MERGE Space, a non-traditional tech incubator, co-working space and prototype lab that will support local tech entrepreneurs. According to grantee estimates, the project will offer co-working space for up to 30 individuals, 18 private team offices, conference and event space.
“The Obama administration is committed to providing American entrepreneurs with the tools they need to grow and thrive,” said Jay Williams, U.S. Assistant Secretary of Commerce for Economic Development. “The EDA grant announced today will help to establish a space that will bring entrepreneurs in the Iowa City region together to learn from one-another, grow and create new products and solutions.”
EDA’s investment will help renovate the Iowa City Public Library building for use as the MERGE Space. The new facility will allow ICAD to dramatically ramp up its’ ability to grow tech companies; building Iowa City’s entrepreneurial ecosystem and keeping young professionals in the region.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.