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The U.S. Economic Development Administration offered the following description of this project:
"This EDA investment funds the Advance Casper's Casper Opportunity Fund Project, to catalyze deployment of three tiers of early-stage capital in Qualified Opportunity Zones (QOZs) in the Casper Metro region and throughout the State of Wyoming. Advance Casper will partner with Breakthrough 307 (BT 307), Ride for 8 Venture Capital, the University of Wyoming (UW) Wyoming Technology Business Center (WTBC), and other public, private, and non-profit partners to administer, market, and vet three complimentary investment funds to be headquartered in Casper."
According to the Internal Revenue Service, opportunity zones were added to the tax code under The Tax Cuts and Jobs Act of 2017. The bill has come under some criticism for creating another big tax break for the ultra-wealthy.
The EDA is a federal government agency that focuses exclusively on economic development.The agency solicits applications for funding in order to support construction, non-construction planning, technical assistance, and revolving loan fund projects under the agency's Public Works and the Economic Adjustment Assistance (EAA) programs. Grants made under these programs are designed to advance economic development in distressed communities.
| Grantee Name | Total Project Funding | Grant Award Date |
|---|---|---|
| BioSTL | $3,337,602 | Sept. 16 |
| Delaware Innovation Space | $2,976,166 | Sept. 16 |
| Roanoke - The Blacksburg Innovation Network | $2,079,184 | Sept. 16 |
| University of Maryland Baltimore County | $1,323,540 | Sept. 16 |
| University System of New Hampshire | $1,196,436 | Sept. 16 |
| Trustees Of Indiana University | $952,574 | Sept. 14 |
| Pennsylvania Economy League | $600,000 | Sept. 16 |
| RI Bio | $595,000 | Sept. 16 |
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