The Newton-Needham Chamber received a federal grant designed to advance economic development in the section of Newton and Needham known as the N2 Innovation Corridor.

A $50,000 grant from the U.S. Economic Development Administration (EDA) has been matched with an additional $50,000 from local businesses and nonprofits and from the city of Newton and town of Needham. The money will fund a year-long competitiveness study and create a marketing plan for the N2 Corridor to prepare for upcoming expansion and development.

“By partnering and promoting their shared assets, Newton and Needham are uniquely positioned to attract industry and drive development,” U.S. Rep. Joseph P. Kennedy III said in a statement. “This N2 Initiative grant will help leverage the corridor’s strengths and capitalize on our rapidly expanding innovation sector as we continue our efforts to expand access to economic opportunity throughout our commonwealth.”

The chamber is now soliciting bids from consultants to work with the chamber, the N2 Task Force and its municipal partners on the creation of a strategic business plan for development of the corridor.