The U.S. Department of Commerce announced that it’s awarding a $2 million grant to the city of Newport to support business growth and job creation in the region.
The grant, awarded through the department’s Economic Development Administration, will support a project by DriveSmart Auto Care Inc. of Toms River, New Jersey. The company in September announced plans for a new $5 million call center in Newport.
The federal grant will be matched with $500,000 in local funds, and according to grantee estimates, is expected to create 100 jobs and generate $900,000 in private investment, the department said in a news release.
“Economic growth is a product of opportunity and innovation,” Sen. John Boozman said in a statement. “With this investment, Newport will be better positioned to foster both so that new and existing enterprises benefit well into the future.”
Federal funds were provided under the Disaster Relief Supplemental Appropriations Act of 2023, which provided the Economic Development Administration with $483 million in additional funds for disaster relief and recovery in certain areas.
The Newport project also qualified for the following state incentives: Advantage Arkansas, which provides state income tax credit for job creation based on the number of new employees hired as a result of the project, and Tax Back, which provides sales tax refunds on building materials, taxable machinery, and equipment associated with the project.
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