EDA: $1.1 Million in CARES Act Recovery Assistance Invested to Capitalize Revloing Loan Fund in Del Norte County, CA

Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.1 million CARES Act Recovery Assistance grant to the Arcata Economic Development Corporation, Eureka, California, to capitalize and administer a Revolving Loan Fund (RLF) that will provide critical gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic in Del Norte County, 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. “This investment will provide the resources that Del Norte County needs to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient economy for the future.”

“This investment comes at a crucial time to help California 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. “EDA is pleased to invest this CARES Act funding to make resources available to Del Norte County businesses to aid their recovery from these unprecedented challenges.”

“Families and businesses throughout my district are teetering on the brink and are in dire need of federal assistance. Congress approved this CARES funding long ago, and it’s great to see it finally disbursed,” said Congressman Jared Huffman (CA-02). “The Arcata Economic Development Corporation in Eureka has been exemplary in their response to small businesses that might otherwise have fallen through the cracks. It has successfully reached out into the most rural areas, to non-traditional businesses and organizations, and to those who did not have the resources to navigate this emergency alone. The economic fallout from this crisis will continue to be far-reaching, and support like these grants will be needed well into the future. Many CARES Act programs are running out at the end of the month, and it is critical we pass additional legislation to get relief into the hands of my constituents and the millions of people in need of help during this crisis.”

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.

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