The University of Central Florida will receive more than $750,000 to help local entrepreneurs from two grants designed to help business professionals.

Penny Pritzker, the United States Secretary of Commerce, made the announcement Monday afternoon.

Sen. Bill Nelson, D-Florida, was also in attendance at the announcement.

Pritzker said the university will receive two grants that will increase seed funding and expand makerspace labs. The money will also help entrepreneurs design and sell products. Pritzker said it will help the Central Florida economy, too.

"By investing in these efforts in Florida and nationwide, we can — and we will — help keep America open for business," Pritzker said.

UCF is one of just two universities across the country to receive the grants.