Supports the planning and implementation of economic development and revitalization projects in areas facing economic disruption and hardship, including rural and American Indian and Alaska Native tribal communities. Helps communities attract investment, create and retain new businesses and jobs, provide job training and education opportunities for dislocated workers, and enhance technology and infrastructure.

Provides economically distressed areas, including rural and tribal communities, with resources to address their individual economic needs with the goal of creating and retaining jobs, developing workforce, advancing innovation, and increasing private investments. Supports strategies that build regional assets and provide local and regional capacity building and economic development.

Funds technology-based economic development initiatives that promote job growth, innovation, economic opportunity, global competitiveness, and the development of future industry-leading companies in regions across the U.S. Aims to help startups and companies access investment capital, grow their companies, empower entrepreneurs, and commercialize new technology. Projects are intended to benefit underserved populations and communities, including rural areas.