Loyola Marymount University’s College of Business Administration has received a grant of more than $1 million from the U.S. Department of Education to expand international business education initiatives over the next four years, the university announced Oct. 10.

LMU is one of 15 institutions to receive a grant under the Education Department’s Center for International Business Education program, which supports instruction and research on issues of importance to U.S. trade and competitiveness.

“This is a very prestigious award not only for the College of Business Administration but for the whole LMU community,” Dayle Smith, dean of the College of Business Administration, said in a statement. “LMU is the only master’s-serving university to win this grant award since the program started.”

The Westchester-based university will use the grant money for education initiatives in global marketing and talent development, foreign business-language education, international entrepreneurship, and global sustainability and business ethics.

“This grant will help us develop future global business leaders and increase global competitiveness of U.S. companies,” Yongsun Paik, professor of management and director of LMU’s Center for Asian Business, said in the statement. “Maximizing our location in Silicon Beach,…LMU’s Center for International Business Education will play a key role in advancing existing programs to deliver a more creative, innovative curriculum in global marketing, talent management and international entrepreneurship.”

Economy, education, energy and transportation reporter Howard Fine can be reached at hfine@labusinessjournal.com. Follow him on Twitter @howardafine.