SYRACUSE, N.Y. — Syracuse University is receiving a $500,000 federal grant in an effort to boost the central New York economy.

The money for a three-year project is being allocated through the Economic Development Administration and will allow the university to invest in a new initiative to promote entrepreneurship.

The school will monitor and research the impacts of import competition and global trade in the region. The goal of the project is to provide support for the establishment of 10 new businesses and 15 new products marketed by area companies.

The EDA provides funding to struggling communities to help with economic growth and job creation.

Democratic U.S. Sens. Kirsten Gillibrand and Charles Schumer, who represent New York, announced the grant on Thursday.