IE Business Daily Business news for the Inland Empire.
The U.S. Department of Commerce has awarded a $2.4 million grant to Murrieta, money the city will use to renovate its innovation center so it can accommodate a science start-up incubator.
The project, overseen by the department’s economic development administration, will support business growth and job creation in biotech, MedTech, and health tech, according to a statement on the commerce department’s website.
Specifically, the funds will pay for a wet lab, dry lab, cleanroom, and the renovation of the innovation center’s office and conference rooms.
It will create 260 jobs, retain another 61 jobs, and generate about $123 million in private investment, according to the statement.
The grant is expected to be matched with $607,478 in funds from Murrieta and Impact Southwest Riverside County, a nonprofit that manages the innovation center.
“Receiving this grant means that more than $3 million will be invested right here in the Murrieta community,” Mayor Jonathan Ingram said in a city statement. “It will support high-paying jobs and will help carve the path for life-changing medical advancements. It solidifies Murrieta as the home of innovation in the region.”
