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NEW YORK, – The ANNpower Vital Voices Initiative announced today that it is launching a search in the United States, Puerto Rico, and Canada to identify the next generation of female leaders. Now through March 1, 2014, high school sophomores and juniors can apply at ANNpower.org for the opportunity to become an ANNpower Fellow and receive leadership training and mentorship by global women leaders. ANNpower is a partnership between ANN INC. (NYSE: ANN), the parent Company of Ann Taylor and LOFT, and Vital Voices Global Partnership.

50 young women will be selected and invited to the ANNpower Vital Voices Leadership Forum in Washington, D.C., June 16 – 19, 2014, where they will receive leadership training from influential women leaders who are part of the Vital Voices Global Leadership Network, as well as executives from ANN INC., including the Company’s President and CEO, Kay Krill. The Forum’s curriculum equips these aspiring young leaders with the training and mentorship they need to realize their full potential as future leaders. Armed with these new skills, the Fellows will then return to their communities to create projects to affect change and apply for project grants to put their ideas into action. ANNpower Grants will be awarded in the Fall of 2014, and winning Fellows will spend the school year implementing their projects and receiving mentoring from ANN INC. associates.

“We look forward to welcoming our next class of ANNpower Fellows,” said Kay Krill, President and CEO, ANN INC. “These girls are so committed to making a difference in their communities and the world. I have so much confidence in the Fellows we have seen come through the program and cannot wait to be further inspired by this next group of young women.”

“ANNpower Fellows are passionate and innovative trailblazers implementing truly effective and sustainable programs in their communities,” said Alyse Nelson, President and CEO of Vital Voices Global Partnership. “We are proud to partner with ANN INC., together providing unique and life-changing opportunities for these young women leaders.”

Selected Fellows will also have the opportunity to participate in high profile global leadership events throughout the year. This past year, six ANNpower Fellows were given the once-in-a-lifetime opportunity to witness history in the making and travel to Burma to attend the Women’s Forum Myanmar, the first of its kind in the country. During the nine-day trip, the Fellows engaged with global women leaders while immersing themselves in the Burmese culture, a country which is undergoing rapid transformation as it opens up to dialogue and exchange both domestically and regionally.

“Being an ANNpower Fellow has been an amazing opportunity that has shaped who I am today. I learned so much by participating in this historic event, hearing stories from influential world leaders like Aung San Suu Kyi and Melanne Verveer. The experience was extremely powerful and I left inspired to do more with the project I’m implementing in my community.” – Emily Kosse, 2012 ANNpower Fellow and Grantee.

During the months of January and February, Ann Taylor, Ann Taylor Factory, LOFT and LOFT Outlet stores across the U.S., Puerto Rico, and Canada will support the search for the next generation of leaders in store with the ANNpower call-to-action: “Know a girl who wants to change the world?” Additionally, the 50 young women selected will received a special discount card redeemable for two years at Ann Taylor and LOFT.

For more information about the ANNpower Vital Voices Initiative or to apply to become an ANNpower Fellow, please visit ANNpower.org.

This Press Release is courtesy of www.anninc.com

Underscoring its commitment to supporting small businesses and startups, The UPS Store® has put its own spin on National Mentoring Month, focusing on the importance of mentoring for small business owners. With support from SCORE, a nonprofit association dedicated to small business education and mentorship, the company will offer tips and guidance to its small business customers about how to find, and benefit from a small business mentor.

According to a recent survey, 88 percent of business owners with a mentor say that having one is invaluable. Confirming the importance of mentors, 70 percent of small business owners that receive mentoring survive for five years or more, double the rate of those who do not receive mentoring. “For many, starting a business can be overwhelming – it’s no longer just about exploring a passion or following a dream,” said W. Kenneth Yancy, chief executive officer of SCORE. “A mentor can help navigate the complex challenges that often come with being a business owner, and the guidance from someone who has been there themselves can be a real asset.”

The company will be co-hosting a “speed mentoring” event with SCORE during Entrepreneur Magazine’s 6th Annual Growth Conference in New Orleans. The free, one-day conference offers small business owners how-to sessions, networking events and the presentation of the Entrepreneur of 2013 awards. The “speed mentoring” event will connect business owners with business experts for advice about marketing, finance, accounting, sales, business management and more, in a quick-paced “speed dating” format. For those who can’t join in person, The UPS Store will offer the opportunity to chat about the importance of mentoring live with the editor in chief of Entrepreneur Magazine and small business mentoring expert, Amy Cosper, during a Twitter chat on Thursday, January 16 at 7:00 p.m. Eastern. The chat can be followed using the hashtag, #MentorMonth.

“We know small business owners often feel alone, and that they don’t have anywhere to turn for help,” said Michelle Van Slyke, vice president of marketing and small business solutions for The UPS Store. “Having a mentor can be an invaluable resource.”

This Press Release is courtesy www.ups.com

MANILA, PHILIPPINES – Today, the U.S. Trade and Development Agency (USTDA) awarded a grant to the Manila Electric Company (MERALCO), the largest power distribution utility in the Philippines, to modernize its distribution systems and develop a smart grid design. The feasibility study will include a pilot project for a demand response system, allowing MERALCO to balance the grid by integrating control systems and communications infrastructure into its network.

These upgrades will ultimately reduce energy losses and manage system peak demand, while optimizing MERALCO’s sub-transmission and distribution network in and around Metro Manila, which serves 5.2 million customers. “USTDA is pleased to support the development of clean energy projects with our partners at MERALCO as they continue to improve their electric system for their growing customer base,” said USTDA Director Leocadia I. Zak. “As the Philippine economy continues to expand, this agreement will lay the foundation for advanced smart grid technology, improved infrastructure in MERALCO’s large service territory, and greater access to reliable and affordable electric power. We believe it will enhance cooperation between U.S. industry, MERALCO and the Philippines, and help open new areas of business for specialized U.S. smart grid companies.”

Mr. Ricardo V. Buencamino, MERALCO’s Senior Executive Vice President and Head of Networks, noted, “The USTDA grant is very timely, as a demand response system will allow us to actively manage our system demand, especially during periods of tight supply conditions similar to what we have experienced very recently.” This project demonstrates USTDA’s commitment to the U.S.-Asia Pacific Comprehensive Energy Partnership (USACEP), which President Obama launched during the 2012 East Asia Summit. USACEP supports greater U.S. business engagement in Asia’s clean energy development by stimulating infrastructure and grid improvements.

The opportunity for U.S. firms to conduct the USTDA-funded feasibility study for MERALCO will be competed on the Federal Business Opportunities website. – See more at: http://www.ustda.gov/news/pressreleases/2014/SouthAsia/Philippines/PhilippinesSmartGrid_012214.asp#sthash.QI8tMh2R.dpuf

MILWAUKEE, WI—The U.S. Chamber of Commerce Foundation’s Hiring Our Heroes program and Goodwill Industries announced today a collaborative effort to offer comprehensive vocational services to veterans and military spouses who participate in Hiring Our Heroes job fairs and programs. As part of the partnership, Goodwill® will offer employment workshops and resume reviews to help attendees make the most out of their experience at dozens of Hiring Our Heroes job fairs across the country. It will also provide individual career assistance for referred jobseekers and in-kind event space for future job fairs and networking events.

“At Hiring Our Heroes, we understand that sometimes just having someone to sit down one on one with a job-seeking veteran or military spouse can make all the difference,” said Eric Eversole, executive director of Hiring Our Heroes. “Goodwill has always been committed to supporting America’s veterans and military families. We are delighted to partner with the organization in equipping today’s military men and women with the career counseling and resources they need to drive our country forward.”

“Goodwill has helped veterans find jobs and transition from military to civilian life since World War I, and our commitment to providing job training, career and support services to veterans and military families continues to this day,” said Jim Gibbons, president and CEO of Goodwill Industries International. “Veterans are dedicated and hard-working employees, and we do everything we can to help them find jobs and support their success in the workplace.”

The U.S. Chamber Foundation and Goodwill made the announcement at today’s Hiring Our Heroes job fair in Milwaukee, where Goodwill Industries of Southeastern Wisconsin and Metropolitan Chicago was on hand to promote local resources and provide counseling to all veterans, transitioning service members and military spouses in attendance. Several veterans who reached out to Hiring Our Heroes from around the country have already been referred to local Goodwill career counselors for personalized job search assistance.

Hiring Our Heroes launched in March 2011 as a nationwide initiative to help veterans and military spouses find meaningful employment. Working with the U.S. Chamber of Commerce’s vast network of state and local chambers and other strategic partners from the public, private and nonprofit sectors, the goal is to create a movement across America in hundreds of communities where veterans and military families return every day. To date, Hiring Our Heroes has inspired more than 1,400 businesses of all sizes to hire 236,000 veterans, transitioning service members and military spouses. And as a direct result of more than 660 job fairs in all 50 states, Puerto Rico and the District of Columbia, 21,600 men and women have found employment.

The U.S. Chamber of Commerce Foundation (USCCF) is a 501(c)(3) nonprofit affiliate of the U.S. Chamber of Commerce dedicated to strengthening America’s long-term competitiveness by addressing developments that affect our nation, our economy and the global business environment.

Veterans face unique challenges in building their careers once they return home, and Goodwill helps them navigate many aspects of their transition, including connecting them with hiring employers, helping them translate their military skills on a resume and getting them the support services they need, such as financial education, housing, meal service, mental health services, transportation and vocational rehabilitation. In April 2011, Goodwill Industries International created Goodwill for Americas Heroes and Their Families as part of the White House’s Joining Forces initiative. Goodwill has committed to help 3,000 women veterans over the next two years. In addition, Goodwill also helps veterans through grants, including those funded by the Walmart Foundation and Bank of America Charitable Foundation. As of the end of November 2013, Goodwill helped more than 113,000 veterans and their family members and employed more than 2,000 either at Goodwill or in the community.

This Press Release is courtesy of US Chamber of Commerce website

WASHINGTON, D.C.—In his annual State of American Business address, U.S. Chamber President and CEO Thomas J. Donohue declared that the state of American business is improving. Despite some economic progress, he warned against policies and government actions that drive uncertainty and called for leadership to solidify our recovery, help generate stronger growth and job creation, and expand opportunity.

“Our economy is gaining strength, and we now have an opportunity to turn the page,” Donohue said. “But alongside the positive signs are some pretty big question marks. Employers are concerned about overregulation, the negative impacts of policies like Obamacare, and the fiscal health of our nation. Our economic success will depend on how well we build upon the economic momentum that is finally taking hold. By making the right decisions and adopting the necessary reforms, we can usher in a new era of economic prosperity and extend its benefits to all Americans.”

Donohue unveiled the Chamber’s 2014 Jobs, Growth, and Opportunity Agenda, which includes expanding trade, producing more domestic energy, improving infrastructure, modernizing the regulatory process, making essential changes in entitlements, fixing the flaws in Obamacare, curbing lawsuit abuse, and advancing American innovation by protecting intellectual property. The agenda also focuses on revitalizing capital markets, passing immigration reform, and efforts to improve education and training.

He also outlined the Chamber’s political efforts for the year, saying that in primaries and in the general election, the Chamber will support candidates who want to work constructively within the legislative process to solve the nation’s problems—and who understand that business is not the problem, business is a big part of the solution.

“In 2014 the Chamber will focus its tools, talent, capacities, and resources to advance a Jobs, Growth, and Opportunity agenda that we believe can benefit all Americans,” Donohue added. “No other country, no other people, no other society starts from such a position of strength and advantage as we do. The promise of America has always been that the older generations will leave to the young a stronger, better, and more hopeful country. This is a promise we can still keep and we must keep. But it all comes down to leadership—leadership in our government, leadership in business, and leadership in every sector of American life. Leadership that puts our country and the future first.”

This Press Release is courtesy of US Chamber of Commerce www.uschamber.com

ROSELAND, N.J. – ADP®, a leading global provider of Human Capital Management (HCM) solutions, today announced its sponsorship and collaboration with the Million Women Mentors® (MWM) initiative. MWM will launch Jan. 8, 2014 during National Mentoring Month, in Washington, D.C. at the National Press Club. The initiative will support the engagement of one million science, technology, engineering and math (STEM) mentors – male and female – to increase the interest and confidence of girls and young women to pursue and succeed in STEM degrees and careers.

“Encouraging young people, particularly young women, to consider STEM careers is an important initiative that has significant social and economic benefits, that is why ADP supports several higher learning institutions and non-profit organizations that include this focus in their mission,” said ADP President and CEO Carlos Rodriguez. “Supporting the Million Women Mentors program is a great opportunity for us to expand our efforts and we hope other companies across the country will join us.”

In the past 10 years, growth in STEM jobs has been three times greater than that of non-STEM jobs. Today 80% of the fastest growing occupations in the United States depend on mastery of mathematics and knowledge and skills in hard sciences. While women comprise 48% of the U.S. workforce, just 24% are in STEM fields, a statistic that has held constant for nearly the last decade. Even though 75% of all college students are women and students of color, they represent only 45% of STEM degrees earned each year. Too many of these young women begin in STEM programs but leave those degree paths despite their good academic standing, often citing uncomfortable classroom experiences and disconcerting climate. Even when women earn a STEM degree, they are less likely than their male counterparts to work in a STEM field even though STEM jobs pay more and have a lower wage gap: 92 cents on a dollar versus 75 cents in other fields.*

One STEM initiative launched in 2013 by ADP’s Cobalt division, which supplies digital marketing solutions to the automotive industry, is “Girls Who Code.” Girls Who Code is an eight-week paid summer internship program for high school girls who have studied Advanced Placement computer science. It offers a highly-structured approach where two-girl teams are given a project to complete along with a mentor to guide them. Other opportunities to interact with Cobalt professionals to get advice, mentoring and career insights are provided, particularly by women associates.

“Girls Who Code is a perfect fit with our diversity and inclusion goals at ADP, as is Million Women Mentors,” said Rita Mitjans, Chief Diversity and Corporate Social Responsibility officer at ADP. “It is programs like these that will positively contribute to economic growth by empowering a significant segment of the workforce and help us to attract and retain the next generation of STEM talent among young women.”

Million Women Mentors is a collective effort of more than 41 non-profit, media, education and government industry partners and nine corporate sponsors. During National Mentoring Month ADP will actively engage its Executive Women In Leadership group, IT leaders across the company and ADP’s Regional Diversity Councils and Resource Groups, to bring awareness to the issue of increasing girls in STEM and recruit mentors for the MWM initiative.

This Press Release is courtesy of www.ADP.com

MILWAUKEE, For the third year in a row, nearly 70 percent of North American employees do not plan to use all of their annual vacation time, according to Right Management, the talent and career expert within ManpowerGroup (NYSE: MAN). The 2013 results of the online poll report 69 percent of respondents will not take all their annual vacation, which is consistent with the 70 percent reported for both 2011 and 2012. This year, only 31 percent indicated they will use all their vacation by year end.

“Every employee at every level should be encouraged to take time to reenergize, recharge and relax to be more satisfied and productive on the job,” said Matt Norquist, General Manager at Right Management. “The importance of vacation cannot be understated in today’s workplace when companies are doing more with less and adding workloads to their teams.”

According to Norquist, taking vacation time is a vital part of maintaining job satisfaction, and employees who take time off are more inspired and motivated to do their best work. Right Management’s engagement solutions focus on creating a culture that increases productivity and makes employees feel valued at the same time.

“Ultimately, vacations contribute to engaged, loyal and satisfied employee teams and build a positive workplace culture that not only reduces turnover, but also creates a stronger brand image in the market,” said Norquist.

Right Management surveyed 763 workers throughout North America via an online poll that ran from November 16 to December 15.

This Press Release is courtesy of MANPOWERGROUP.COM

The U.S Small Business Administration (SBA) has announced new measures to help get small business loans into the hands of veterans by setting the borrower upfront fee to zero for all veteran loans authorized under the SBA Express program up to $350,000. This initiative will start on January 1 and continue through the end of the fiscal year.

“Our nation’s veterans are highly-skilled and highly-trained leaders in their communities,” said Acting SBA Administrator Jeanne Hulit. “This initiative will set fees to zero for SBA Express loans to veterans up to $350,000, and is part of SBA’s broader efforts to make sure that veterans have the tools they need to start and grow a business. As we honor our veterans and thank them for their service and sacrifice, let’s continue to identify ways to support them when they come home.”

Of all SBA loans that go to veterans, 73 percent are $350,000 and below. The SBA Express Loan Program, which supports loans under $350,000, is SBA’s most popular loan delivery method, with nearly 60 percent of all 7(a) loans over the past decade being authorized through the program. Since the program’s inception, it has also been one of the most popular delivery methods for getting capital into the hands of veteran borrowers.

Building on SBA’s recent announcement that for the current fiscal year, fees on loans for $150,000 and under are set to zero, this policy announcement means that veteran borrowers will no longer have to pay an upfront fee for any loan up to $350,000 under the SBA Express program. This new initiative will go into effect January 1 and extend for the duration of the fiscal year. This will make the loans cheaper for the borrower, another way SBA is looking to serve small business owners as they look for ways to access capital.

Today’s announcement comes during SBA’s National Veterans Small Business Week, an initiative on the part of the U.S. Small Business Administration to reach out to veteran entrepreneurs and business owners. During Veterans Small Business Week, SBA staff all across the country have been working with partner organizations on educational efforts, mentoring, and trainings to make sure veterans have the tools they need to start or grow their business.

SBA provides veterans access to business counseling and training, capital and business development opportunities through government contracts. In FY 2013, SBA supported $1.86 billion in loans for 3,094 veteran-owned small businesses. And since 2009, the dollar amount of SBA lending support to veteran-owned firms has nearly doubled.

This Press Release is courtesy SBA.gov

To compete in an increasingly global economy, the United States must come up with innovative strategies that will lead to economic growth and job creation around the country. The ‘Investing in Manufacturing Communities Partnership’ (IMCP) seeks to enhance the way we leverage federal economic development funds to encourage American communities to focus not only on attracting individual investments one at a time, but transforming themselves into globally-competitive manufacturing hubs.

An administration-wide initiative led by the White House and the U.S. Department of Commerce, the ‘Investing in Manufacturing Communities Partnership’ will encourage communities to devise comprehensive economic development strategies that strengthen their competitive edge in attracting global manufacturers and their supply chains. IMCP specifically brings together the resources of multiple federal departments and agencies involved in economic development.

In Phase One of the of the ‘Investing in Manufacturing Communities Partnership,’ 44 communities were awarded a total of $7 million to support the creation of economic development strategies that recognize the community’s comparative advantages as a place to do business, invest in public goods, and encourage collaboration between multiple entities to expand the area’s commercial appeal to investors.

Today, U.S. Secretary of Commerce Penny Pritzker announced that the competition for Phase Two of the ‘Investing in Manufacturing Communities Partnership’ is now open, and the Federal Register Notice will be posted in the coming days. In this phase, communities will have an opportunity to compete for a special designation that will elevate them in consideration for $1.3 billion in federal dollars and assistance from 10 cabinet departments/agencies. These communities could also potentially receive catalytic additional federal investments to further support their economic development strategies. The IMCP is a critical component of the Department of Commerce’s “Open for Business Agenda,” which prioritizes trade and investment.

Phase Two of the Investing in Manufacturing Communities Partnership

In Phase Two of the IMCP, up to 12 communities that come up with winning strategies will receive a designation of “Manufacturing Community” that gives them elevated consideration for $1.3 billion in federal dollars and assistance from 10 cabinet departments/agencies. These communities would also potentially receive additional catalytic federal investments to support their economic development strategies. In order to earn the designation, communities must present strategies that identify technologies or industries in which they would be competitive in the future and would make investments in the following areas:

workforce and training;
advanced research;
infrastructure and site development;
supply chain support;
export promotion;
and capital access
These communities will receive:

Elevated consideration for federal dollars and assistance across 10 cabinet departments/agencies, totaling $1.3 billion;
A dedicated federal liaison at these agencies who can act as their concierge to the specific services they need;
Subject to funding availability, challenge grants may become available to some awardees from the pool of designated manufacturing communities;
Recognition on a government website, accessible to prospective private investors (foreign and domestic alike) looking for information on communities’ competitive attributes

This Press Release is courtesy of www.commerce.gov

SAN FRANCISCO — The U.S. Department of Labor today announced that it obtained a consent order requiring the fiduciaries of the Parrot Cellular Employee Stock Ownership Plan to pay $4,181,818 to the plan. The settlement resolves a suit filed in April 2012 after an investigation by the department’s Employee Benefits Security Administration found violations of the Employee Retirement Income Security Act. The department alleged that plan fiduciaries caused or permitted the ESOP to purchase Parrot Cellular stock for more than fair market value.

The suit, filed in the U.S. District Court for the Northern District of California, named as defendants Dennis Webb, the principal owner of California-based Entrepreneurial Ventures Inc.; Matthew Fidiam and J. Robert Gallucci, EVI executives and ESOP trustees; and Consulting Fiduciaries Inc., an Illinois company that served as the independent fiduciary for the ESOP during a November 2002 stock purchase. EVI operates Parrot Cellular telephone retail stores and is the sponsor of the worker retirement plan.

“Employee stock ownership plans can have great benefits for workers, but only if they adhere to the laws that govern them,” said Secretary of Labor Thomas E. Perez. “We are very pleased to have resolved this matter in a way that brings the plan into compliance with the law and benefits the plan’s participants.”

“Officials responsible for employee stock ownership plans are legally required to act prudently and solely in the interests of plan participants when purchasing or selling employer stock,” said Assistant Secretary of Labor for Employee Benefits Security Phyllis C. Borzi. “This is true for all fiduciaries of all employee benefit plans covered by ERISA.”

Under the terms of the settlement agreement, Consulting Fiduciaries agreed to pay $2 million to the ESOP to settle the allegations. Webb, Fidiam and Gallucci agreed to collectively pay $1.5 million to the ESOP, and Webb agreed to pay an additional $681,818 to the ESOP.

COURTESY: US LABOR DEPARTMENT

The Investing in Manufacturing Communities Partnership (IMCP) is a new Administration-wide initiative that will accelerate the resurgence of manufacturing and help communities cultivate an environment for businesses to create well-paying manufacturing jobs in cities across the country.

Through the IMC, the President is directing Federal agencies to provide coordinated assistance to manufacturing communities through a new partnership that will align Federal economic development resources and help U.S. localities make coordinated, long-term investments in their public goods in partnership with universities and industry. These investments will ultimately help regions become more attractive for manufacturers and supply chains. The Partnership will be led by the Commerce Department with support from other federal agencies.

Five to six U.S. communities in 2014 would be competitively selected as pilots, each receiving up to $25 million from the Commerce Department’s Economic Development Administration, in addition to funding from other government agencies. Federal agencies will also align and coordinate their funding opportunities to maximize the effectiveness of Federal expenditures and ensure that localities are able to more seamlessly access the Federal resources they need to fund strategies for attracting long-term business investment.

The IMCP is aimed at accelerating the nationwide resurgence in manufacturing investment driven by U.S. competitive advantages, such as new energy sources, productivity, and rising costs abroad. This initiative also represents a significant improvement in the way the federal government supports local economic development strategies.

A new way to drive economic development and investment in the United States

Smart companies decide where to locate facilities and hire workers based on the quality of a community’s infrastructure, institutions, and human capital – its industrial ecosystem.

However, communities all too often rely on the practice of “smokestack chasing” to attract investment. That is, they offer subsidies and tax breaks to attract a single firm. Evidence shows that this approach results in a low return on taxpayer investment.

To capitalize on current U.S. economic strengths and maximize return on taxpayer investment, we must instead help communities launch strategic plans to strengthen their industrial ecosystems. They can do this by investing in the human and physical infrastructure that will appeal to and strengthen entire industries—thereby more effectively attracting, retaining, and expanding commercial activity.

This is where the IMCP comes in.

The IMCP will support and reward communities that:

Recognize their comparative advantages and develop implementation-ready plans.

Invest in public goods and institutions through public and private funding.

Encourage community links that reinforce and expand their commercial appeal to investors.
The IMCP, which is a part of President Obama’s 2014 budget proposal, will also make it easier for well-coordinated communities to get public investment by radically improving the alignment of federal assistance. The program would coordinate multiple federal agencies, including the Departments of Agriculture, Labor, Transportation, Energy, and Defense—as well as the National Science Foundation, Environmental Protection Agency, and Small Business Administration.

By making the federal government work better and by boosting taxpayer returns, the IMCP will help communities create an environment for businesses to create good, well-paying manufacturing jobs—a key engine of innovation and overall economic growth.

How it works

The IMCP will launch in four phases:

A consortium of federal agencies will hold 6-8 listening sessions throughout 2013, raising awareness around the country of the immediate grant opportunities, and seeking input on the 2014 pilot competition.
As many as 25 communities in 2013 will be awarded $200,000 each to create so-called implementation strategies, which will initiate public-private partnerships tailored to local expertise and assets. Solicitations for the 2013 awards will be released in the coming weeks, and we expect making the awards by the fall.
The Fund would support five to six U.S. communities for competitively-selected awards in 2014, each receiving up to $25 million from the Commerce Department’s Economic Development Administration, and the Fund would be supplemented by funding from other government agencies.
Meanwhile, the Commerce Department will lead an interagency effort that aligns economic development programs across the government. This effort will bring together federal programs covering workforce training, technical assistance, specialized research and commercialization centers, infrastructure, and energy efficiency, among others.
Courtesy: DEPARTMENT OF COMMERCE

A decade ago, the rate at which new businesses failed has started to change. According to industry analysts, the chances for a new business to succeed today is far more greater than ten years ago.