Division of Small Business

Governor’s proposed budget includes $82M for economic development

Economic development is a major priority of Governor Carney’s proposed fiscal year 2021 budget, which allocates $82 million for economic development.

“We presented a responsible budget plan today that makes investments to improve our economy, strengthen our public schools and protect Delaware’s unique quality of life,” Carney said when he presented his spending plan to the General Assembly.

Carney’s budget includes the following for economic development for the fiscal year starting July 1:

  • $20 million for the Delaware Strategic Fund, including $1.5 million for the EDGE Grant program
  • $20 million for a Higher Education Economic Development Fund
  • $10 million for a Site Readiness Fund so companies have options to locate to and expand in Delaware
  • $10 million to expand Graduation Lab Space to drive innovation and entrepreneurship in biotech
  • $10 million for a Transportation Infrastructure Investment Fund to improve public infrastructure to support economic development projects that create jobs
  • $2 million for the Delaware Prosperity Partnership

The legislature’s Joint Finance Committee is now holding hearings to develop the budget bills, which must be passed by June 30, 2020.

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