The University of Louisiana at Lafayette's B.I. Moody College of Business Administration received the first of what could be a five-year federal grant that will benefit the Louisiana Entrepreneurship and Economic Development Center. 

The college was among 20 colleges and universities to receive a federal grant from the U.S. Economic Development Administration’s 2018 University Center Economic Development Program Competition. UL and nine others each received $112,850, and it will reapply each year for the next five years in what could total $564,250, said Geoffrey Stewart, UL marketing professor and endowed chair in regional business development.

The funding will help expand LEED in developing regional innovation clusters, advancing high-growth entrepreneurship, cultivating innovation in rural and underrepresented communities and supporting regional commercialization, Stewart said. It will start in the Lafayette region and grow to cover the state over a five-year period. 

"The LEED Center believes Louisiana must remain vigilant in attempts to strengthen and diversify its economy while it currently manages the effects of a downturn in the Gulf of Mexico energy industry," Stewart said. 

Follow Adam Daigle on Twitter, @adamdaigleAdv.