WASHINGTON - Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $38 million in CARES Act Recovery Assistance grants to capitalize and administer Revolving Loan Funds (RLFs) that will provide critical gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic across Southern California.
“President Trump is working diligently every day to support our nation’s economy following the impacts of COVID-19 through the CARES Act," said Secretary of Commerce Wilbur Ross. “These investments will provide small businesses across Southern California with the necessary capital to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient state economy for the future."
“These investments come at a crucial time to help Southern California’s and our nation’s economy come roaring back and provide hard-working Americans with new opportunities," said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “Small businesses are the lifeblood of our communities, and EDA is pleased to invest these CARES Act funds so that Southern California businesses have access to capital to respond to and recover from the coronavirus pandemic."
“Small businesses in Riverside County are still suffering due to the COVID-19 pandemic," said Congressman Mark Takano (CA-41). “I am grateful that my district has been awarded $858,000 in Recovery Assistance Grants through the CARES Act to help keep our small businesses open and our workers employed. I voted in favor of the CARES Act because I knew that the American people and small businesses were in need of immediate relief, and they still need our support as we continue battling this crisis. It’s important for Congress to continue to provide additional support to those who are struggling. Doing so will save lives, provide financial relief to families, and keep us moving forward."
The EDA investments announced today are:
These current EDA RLF grantees are some of the more than 850 existing, high-performing EDA RLF, Economic Development District, University Center, and Tribal grant recipients invited to apply for supplemental funding under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The CARES Act, signed into law by President Donald J. Trump, provides EDA with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to the coronavirus pandemic.
On May 7, Secretary Ross announced that EDA is accepting applications for CARES Act Recovery Assistance funding opportunities.
EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) (PDF) program, provides a wide-range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic. For complete information, please visit our recently updated EDA CARES Act Recovery Assistance page.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.
