This EDA investment supports the international economic development council (iedc) with establishing a program to focus on small business development and entrepreneurship, sustainable tourism…

The International Economic Development Council (IEDC) will establish a program focused on small business development, entrepreneurship, sustainable tourism recovery, economic diversification, and workforce development in the Commonwealth of the Northern Mariana Islands (CNMI) through a $368,433 project grant awarded on March 22, 2022 by the Department of Commerce's Economic Development Administration (EDA).

The program will enhance local capacity to support economic recovery and resilience in the CNMI through customized training for economic development professionals and community leaders. It will also organize support for projects promoting the EDA's Economic Adjustment Assistance program goals of economic recovery and resilience. Once completed, the IEDC's program will assist the region's recovery from the negative impacts of the COVID-19 pandemic on the tourism-dependent economy by supporting entrepreneurship, job creation, private investment attraction, and long-term economic sustainability throughout the islands.

This EDA investment supports the international economic development council (iedc) with establishing a program to focus on small business development and entrepreneurship, sustainable tourism recovery, economic diversification, and workforce development in the commonwealth of the northern mariana islands (cnmi). The islands are economically dependent on the predominant tourism industry and were affected by the covid-19 pandemic, which caused disruptions that resulted in changes to travel or other access to the islands. The cnmi small businesses also face challenges related to capital access, market-entry, workforce retention, and technological barriers. The program will help enhance local capacity to support economic recovery and resilience through customized training opportunities for economic development professionals and community leaders and organizes much-needed support for projects that promote economic recovery and resilience goals. Once completed, the project will assist the region with recovery efforts from the covid-19 pandemic, support entrepreneurism, spur jobs creation, attract private investment, and advance economic resiliency throughout the islands.