Space Florida Gets $400,000 to Launch Economic Development Program

The U.S. Department of Commerce has awarded Space Florida $400,000 to design an economic-development initiative for the east-central coast of Florida facing job losses.

Commerce's Economic Development Administration grant, augmented by $100,000 in matching funds from Space Florida, is targeted at Brevard and surrounding counties hardest hit by NASA cutbacks and the phase-out of the shuttle program.

Ultimately, Space Florida will help to form an investment qualification board that will vet small and midsize enterprises for financing. The state agency also will host an annual Flagship Florida Aerospace Investment Showcase, to bring together firms and investors.

Space Coast President Frank DiBello said the grant will "fuel enhanced collaboration among public and private sectors -- as well as business incubators and universities -- to help grow the regional economy through innovation and strategic investment.

Requests for Proposals (RFPs) tied to cluster evaluation, financing committee development and program administration functions of the grant will be posted on the Space Florida website within 90 days.