January 20, 2022

EDA: $3 Million in CARES Act Recovery Assistance Invested to Capitalize Revolving Loan Fund to Serve Small Businesses in South Central Louisiana

Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $3 million CARES Act Recovery Assistance grant to the South Central Planning and Development Commission, Houma, Louisiana, to capitalize and administer a Revolving Loan Fund.

This grant will provide gap financing to small, local businesses in Assumption, Lafourche, St. Charles, St. James, St. John the Baptist, St. Mary, and Terrebonne parishes to help them recover, grow, and create new employment opportunities. This EDA investment will be matched by $300,000 in local funds.

“President Biden is committed to providing local businesses with the resources they need to recover from the economic impact of the coronavirus pandemic and build back stronger,” said Secretary of Commerce Gina M. Raimondo. “This EDA investment will provide needed capital to small businesses and entrepreneurs across South Central Louisiana, creating a stronger, more robust regional economy.”

“The Economic Development Administration is focused on supporting locally-driven strategies to boost coronavirus recovery and response efforts,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “The South Central Planning and Development Revolving Loan Fund will give support to small businesses through working capital, entrepreneurial start-up costs, and other costs, leading to additional jobs and creating a more resilient business community.”

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.

This post was originally published here.