Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $1.8 million CARES Act Recovery Assistance grant to the Urban League of Greater Cleveland, Inc., Cleveland, Ohio, to capitalize and administer a Revolving Loan Fund (RLF) to provide critical gap financing to small businesses located in Cuyahoga County outside of the city of Cleveland that have been economically impacted by the coronavirus pandemic. This EDA grant, to be matched with $450,000 in local funds, is expected to create 300 jobs, retain 300 jobs and generate $3 million in private investment.
“The Biden Administration is dedicated to supporting small businesses as they recover and build back better from the coronavirus,” said Secretary of Commerce Gina M. Raimondo. “This Economic Development Administration investment in the Urban League of Greater Cleveland will provide small businesses the financial assistance needed to rebuild and expand, creating more jobs and a stronger regional economy.”
“The Economic Development Administration plays an important role in supporting community-led economic development strategies designed to boost coronavirus recovery and response efforts,” said Susan Brehm, Director of EDA’s Chicago Regional Office. “Small businesses in Cuyahoga County will benefit from the increased accessibility to funds to ensure their businesses can continue to operate and grow into the future and businesses in Cleveland can tap into the city’s existing EDA RLF fund.”
“Small businesses are the engine of economic growth across communities in Ohio. These funds will provide the Northeast Ohio region with additional tools and resources to address the economic fallout from COVID-19,” said Senator Sherrod Brown. “While this pandemic has been a long, difficult, and often tragic time for so many small businesses, these funds will provide additional relief to keep workers employed and uplift Cuyahoga County’s economy.”
“This is exciting news for the Urban League of Greater Cleveland. I’m pleased to see this $1.8 million federal grant go towards supporting Cleveland-area businesses,” said Senator Rob Portman. “This grant, provided through the CARES Act, will help small businesses in Cuyahoga County that have been impacted by the coronavirus. I was proud to support the CARES Act last year, and I am glad to see that it continues to help local communities while we emerge from the COVID-19 pandemic.”
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.