U.S. Secretary of Commerce Wilbur Ross today announced that the Department’s Economic Development Administration (EDA) is awarding a $2.35 million grant to Ranken Technical College of St. Louis, Missouri, to establish an incubator facility that will support the region’s manufacturing sector by providing pre-apprentice and apprenticeship workforce training, and encouraging entrepreneurial start-ups. According to grantee estimates, when fully operational, 100 student workers will generate $4 million annually in products and services for local businesses as part of the integrated work-based learning model.
“Reviving our manufacturing sector and ensuring that our workers have the skills they need to compete globally are key focuses of the Trump Administration,” said Secretary of Commerce Wilbur Ross. “I look forward to seeing how Ranken Technical College will help budding manufacturers establish their businesses and train the next generation of workers to support the local economy.”
The incubator, which will be located adjacent to Ranken’s main campus, will engage with local manufacturing partners to provide students with work experience, industrial training and certifications, college credits and/or a part-time salary. Through Ranken Microenterprises, students will be assigned to industry sponsored work cells to manufacture their products/services.
This project was made possible by the regional planning efforts led by the St. Louis Economic Development Partnership and the St. Louis Development Corporation. EDA helped fund the completion of the St. Louis Economic Development Partnership and St. Louis Development Corporation Comprehensive Economic Development Strategy to bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment and create jobs.
About the U.S. Economic Development Administration (www.eda.gov<http://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.