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-Information courtesy U.S. Department of Commerce press release
On Friday, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $8.4 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 in North Carolina that have been adversely affected by the coronavirus pandemic.
“These investments come at a crucial time to help North Carolina’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 to help North Carolina businesses with their capital needs as they respond to coronavirus.”
Locally, the Kerr-Tar Regional Council of Governments, Henderson, North Carolina, will receive a $1.2 million EDA CARES Act Recovery Assistance grant to assist small businesses by providing much-needed capital through a RLF that will serve coronavirus impacted businesses in Franklin, Granville, Person, Vance, and Warren counties.
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) 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 EDA CARES Act Recovery Assistance page.