Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) announced that it is investing $800,000 to help establish a Revolving Loan Fund (RLF) in disaster-impacted Mendocino, California, which will be matched by $200,000 in local funds. The investment will attract $250,000 in private investment and create or save at least 20 jobs.
“American communities and workers benefit greatly when businesses have the capital they need to grow,” said U.S. Assistant Secretary of Commerce for Economic Development Dr. John Fleming. “This Revolving Loan Fund will provide much needed capital to businesses located in a disaster-impacted region of Northern California that otherwise might not qualify for traditional lending.”
An $800,000 EDA grant to the Economic Development and Finance Corporation (EDFC) in Mendocino will capitalize a $1 million Revolving Loan Fund that will help Mendocino and surrounding communities become more resilient in the face of future natural disasters by providing businesses with the capital they need to grow and thrive.
This project is funded under the Bipartisan Budget Act of 2018 (PL 115-123) (PDF), in which Congress appropriated to EDA $600 million in additional Economic Adjustment Assistance (EAA) Program (PDF) funds for disaster relief and recovery as a result of Hurricanes Harvey, Irma, and Maria, wildfires and other calendar year 2017 natural disasters under the Stafford Act.
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.