EDA: $1.3 Million in CARES Act Recovery Assistance Invested to Support Business Growth in Brooklyn, NY

Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $1.3 million CARES Act Recovery Assistance grant to Brooklyn Alliance, Inc., Brooklyn, New York, to provide technical assistance to small and medium-sized businesses impacted by the coronavirus pandemic.

This EDA project will support Brooklyn Alliance, Inc.’s Small Business Recovery and Resilience Program to provide in-person counseling, remote sessions, and variety of courses in business development to help local businesses recover and sustain resilient growth. The grant, to be matched with $337,710 in local funds, is expected to create 773 jobs, retain 1,980 jobs and generate $14 million in private investment.

“Small businesses are not only the engines of our economic progress, but they are also the heart and soul of our communities,” said Secretary of Commerce Gina M. Raimondo. “This EDA investment in the Brooklyn Alliance will provide the long-term support and strategies that local businesses need to help create jobs and diversify the regional economy.”

“The Economic Development Administration is proud to support community-led economic development strategies designed to boost coronavirus recovery and response efforts,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “The assistance provided through this EDA investment will foster new business formation and entrepreneurship to strengthen Brooklyn’s economy.”

“I fought hard to include EDA funding in the CARES Act, and additional EDA funds in the American Rescue Plan to help business owners weather and rebuild from the devastating economic impact of the COVID-19 pandemic and invest in the recovery of local economies,” said Senator Charles Schumer. “This federal investment will provide vital support to local small businesses and grow the area’s economy, saving nearly two thousand jobs in the Brooklyn area and creating hundreds of new ones.”

“I am thrilled that this federal funding will be going to Brooklyn Alliance, Inc. to help create and retain jobs for our Brooklyn small businesses which have been dealt a difficult hand during the pandemic,” said Congresswoman Nydia M. Velázquez (NY-07). “As Chairwoman of the House Small Business Committee, I’ve seen for decades just how valuable these businesses are to the foundations of communities across the City. I’d like to thank Commerce Secretary Raimondo for today’s announcement and the team at Brooklyn Alliance who are dedicated around the clock to helping grow entrepreneurship, rebuild lives, and strengthen our local economy.”

This project is funded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136 PDF), which provided EDA with $1.5 billion for economic assistance programs to help communities prevent, prepare for, and respond to coronavirus. 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.

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 invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.

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