A Newport Beach foundation won a $3 million federal grant to help fund scientific lab equipment at an Irvine biotech incubator facility, it was announced Wednesday.
The Beall Family Foundation received the grant from the Economic Development Administration for the University Lab Partners facility in Irvine.
The federal grant matches $3 million in local funds. Officials say they expect the grant will help create 635 jobs and retain 55 jobs.
“The Trump administration is committed to helping American entrepreneurs grow and succeed,” Commerce Secretary Wilber Ross said in a statement. “The University Lab Partners state-of-the-art workspace will help entrepreneurs accelerate development of new biotech business ventures and attract startup companies to the region.”
Rep. Harley Rouda, D-Newport Beach, said the grant is a “shining example of strategic and impactful government investment.”
“The University Lab Partners’ biotech incubator will continue to serve as a hub of innovation, empowering entrepreneurs to push the scientific needle and create Orange County jobs,” the lawmaker said.