U.S. Economic Development Administration Invests $500,000 to Capitalize Revolving Loan Fund to Diversify the Economy in Southern Maine
Contact: Public Affairs Department, (202) 482-4085
Tuesday, April 15, 2014
WASHINGTON – The U.S. Commerce Department’s Economic Development Administration (EDA) today announced a $500,000 grant to the Southern Maine Regional Planning Commission (SMRPC) of Springvale, Maine, to capitalize a revolving loan fund that will expand businesses in York and southern Oxford counties.
“EDA’s investment in Southern Maine will catalyze new and more diverse business growth in the area,” said Deputy Assistant Secretary of Commerce for Economic Development Matt Erskine. “This capital will enable the start-up and growth of small- and medium-size businesses in manufacturing, health care, financial services and hospitality, other businesses in rural communities and those that are struggling financially.”
SMRPC will prioritize businesses engaged in manufacturing, health care, financial services, and hospitality located in rural and economically distressed communities. This capital will assist businesses as they develop new goods and services, which will allow them to capitalize on local and global opportunities and ultimately create a more diversified regional economy.
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.