The U.S. Commerce Department’s Economic Development Administration (EDA) today announced a $500,000 investment to the Appanoose County Community Railroad, Inc., of Centerville. The investment will help make rail infrastructure improvements in Appanoose and Monroe counties that will expand business development in the region. The investment is expected to create or retain more than 400 jobs and generate $50 million in private sector investment.
“President Bush believes one way to create jobs is to grow the economy by encouraging investments in local communities,” said U.S. Assistant Secretary of Commerce for Economic Development Sandy K. Baruah. “The infrastructure improvements will serve local businesses reliant on rail transportation and ensure future economic growth and job creation in the region.”
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.
