Could Fresno Get a Piece of $500M to Advance Regional Tech?
A new federal grant program to create regional technology hubs throughout the nation may have Fresno on its radar.
The U.S. Department of Commerce Friday opened up applications for a piece of $500 million in grants as part of its Regional Technology and Innovation Hubs program to invest in a range of technological fields, including ag tech.
The program starts by identifying 20 “tech hubs” across the country, according to information from the Economic Development Administration. Companies partnered with state agencies, worker training programs, universities, and government leaders are eligible for funding.
$10 Billion CHIPS and Science Act
The $500 million comes from President Joe Biden’s $10 billion CHIPS and Science Act that sought to advance U.S. presence in semiconductors. The tech hubs would go to areas that already have major research specialties but don’t have financing to fuel further growth, according to the Associated Press.
The Associated Press names ag tech initiatives in Fresno as potential recipients.
The program comes after the Central Valley Community Foundation received $65.1 million in a similar program for its Fresno-Merced Future of Food initiative in September 2022. The program sought to increase regional gross domestic product from 2.1% to 3% in a four-year period, attract $250 million in private investment and create 10,000 jobs, according to CVCF.
The effort is part of Biden’s effort to advance the nation’s workforce, according to a news release.