Press Release
☷2023 Brings in Record Investments and Funding Opportunities to Support American Competitiveness and Create Good Paying Jobs
U.S. Department of Commerce ( By Press Release office)
Jan 07,2024
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Thanks to President Biden ' s plan to invest in America , 2023 was a big success for American workers and businesses . Some highlights include the $50 billion CHIPS for America Program to boost semiconductor research and manufacturing , a $42 . 45 billion investment in high - speed internet for every home and school through the BEAD Program , and the designation of 31 Tech Hubs across the country . The U . S . Department of Commerce also announced grants for coastal resilience , closing the digital divide , and supporting minority businesses . More funding opportunities were announced to create good - paying jobs , promote innovation , and revitalize the manufacturing industry . Secretary of Commerce Gina Raimondo expressed excitement about the progress made in 2023 and the work that still needs to be done in 2024 . In August , Vice President Kamala Harris announced the winners of the Capital Readiness Program ( CRP ) grant competition , which provides support for minority and underserved businesses . This program expands the Minority Business Development Agency ' s network of grantees , increasing the number of technical assistance and business development programs from 88 to 131 . It is the largest investment in supporting these businesses in Commerce ' s history . The CRP is a big deal for the MBDA since it became a permanent federal agency in November 2021 thanks to the Bipartisan Infrastructure Law . The NOAA , under the Biden - Harris Administration ' s Investing in America Agenda , has provided over a billion dollars in grants to communities across the country . These funds are being used to make the nation more resilient to climate change , support new climate - focused businesses , improve the delivery of NOAA services , and upgrade NOAA ' s infrastructure . The grants are also being used to strengthen coastal communities , enhance fish habitats , clean up marine debris , reduce flood risks , implement green infrastructure , and develop a workforce ready for climate challenges . The Department of Commerce ' s goal is to promote economic growth and opportunities for all communities . Through its 13 bureaus , the Department works to boost U . S . competitiveness , support domestic industries , and create quality jobs nationwide . Some important bureaus and initiatives include the Economic Development Administration , Minority Business Development Agency , National Oceanic and Atmospheric Administration , CHIPS for America , Indo - Pacific Economic Framework , and Internet for All Initiative .
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