The state of Mississippi has opened a $30 million grant opportunity to spur economic development in Gulf Coast communities. Applicants must submit an application for the Gulf Coast Restoration Fund (GCRF) by July 31.
The Restoration Fund was initially created to revitalize coastal regions impacted by the 2010 Deepwater Horizon oil spill. After reaching a $750 million settlement, the state launched the GCRF in 2018. The Mississippi Development Authority (MDA) annually distributes awards to support development across six counties: George, Hancock, Harrison, Jackson, Pearl River and Stone.
Eligible entities for the program include:
- Local governments.
- Nongovernmental organizations.
- Higher education institutions.
- Community colleges.
- Ports.
- Airports.
- Public-private partnerships.
- Private for-profit entities.
- Private nonprofit entities.
- Local economic development entities.
Any awards granted through the GCRF may not be used to fund 100% of the project. Recipients are required to cover a portion of the cost-share to receive funding.
Qualifying projects must demonstrate a capacity to impact the region’s long-term competitiveness, promoting overall benefits for the economy and job creation. These projects must also bear the potential for maximum long-term economic benefits, growth and financial sustainability.
Projects should leverage or encourage leveraging additional funding sources from both the public and private sectors. The program exemplifies projects that are supported by multiple entities, can move quickly and efficiently through the design, engineering and permitting phases and improve the quality of life and business environment of the region.
Initiatives should expand the region’s ability to either attract or establish high-growth industries, utilize or enhance key regional assets and transform the region’s future while creating a wider immediate impact. In addition, projects should enhance the marketability of existing industrial properties, improve a targeted industry cluster or create a Center of Excellence.
The program notes that qualifying initiatives should embrace infrastructure projects designed to retain business and encourage development. Finally, efforts should enhance research and innovative technologies and offer outcome and return on investment measures.
Photo by Viktoria B. from Pexels
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