[Code of Federal Regulations]
[Title 13, Volume 1]
[Revised as of January 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 13CFR308.1]

[Page 501]
 
                TITLE 13--BUSINESS CREDIT AND ASSISTANCE
 
CHAPTER III--ECONOMIC DEVELOPMENT ADMINISTRATION, DEPARTMENT OF COMMERCE
 
PART 308--REQUIREMENTS FOR ECONOMIC ADJUSTMENT GRANTS--Table of Contents
 
                           Subpart A--General
 
Sec. 308.1  Purpose and scope.


    (a) The purpose of economic adjustment grants is to address the 
needs of communities experiencing adverse economic changes that may 
occur suddenly or over time, including but not limited to those caused 
by:
    (1) Military base closures or realignments, defense contractor 
reductions in force, or Department of Energy defense-related funding 
reductions,
    (2) Disasters or emergencies, in areas with respect to which a major 
disaster or emergency has been declared under the Robert T. Stafford 
Disaster Relief and Emergency Assistance Act (42 U.S.C. 5121 et seq.),
    (3) International trade,
    (4) Fishery failures, in areas with respect to which a determination 
that there is a commercial fishery failure has been made under sec. 
312(a) of the Magnuson-Stevens Fishery Conservation and Management Act 
(16 U.S.C. 1861a(a)),
    (5) Long-term economic deterioration, or
    (6) Loss of a major community employer.
    (b) Economic Adjustment grants are intended to enhance a distressed 
community's ability to compete economically by stimulating private 
investment in targeted economic sectors through use of tools that:
    (1) Help organize and carry out a CEDS;
    (2) Expand the capacity of public officials and economic development 
organizations to work effectively with businesses;
    (3) Assist in overcoming major obstacles identified in the strategy;
    (4) Enable communities to plan and coordinate: The use of Federal 
and other resources available to support economic recovery, development 
of regional economies, or recovery from natural or other disasters; and
    (5) Encourage the development of innovative public/private 
approaches to economic restructuring and revitalization.

[64 FR 5429, Feb. 3, 1999, as amended at 64 FR 69879, Dec. 14, 1999]