U.S. Economic Development Administration Invests $500,000 to Re-capitalize Revolving Loan Fund for Small- and Medium-Sized Business in Lane County, Oregon
Contact: Public Affairs Department, (202) 482-4085
Wednesday, May 21, 2014
WASHINGTON – The U.S. Commerce Department’s Economic Development Administration (EDA) today announced a $500,000 grant to the Lane Council of Governments in Eugene, Oregon, to re-capitalize a Revolving Loan Fund (RLF) that provides greater access to capital for small, medium-sized, and ethnically diverse businesses in rural Lane County.
“EDA’s Revolving Loan Program has been an essential financing tool in many communities, ensuring many small and medium size businesses’ ability to successfully grow,” said Assistant Secretary of Commerce for Economic Development Jay Williams. “Re-capitalizing Lane Council of Governments’ RLF will allow them to continue to provide needed support to small- and medium-sized businesses focused on serving rural Lane County.”
EDA’s investment will provide needed capital to help businesses grow in Lane County, Oregon. Recent downturns in the wood products industry have hit the region’s economy hard. The rural areas are still recovering, therefore 33 percent of the RLF capital will targeted for rural entrepreneurs. According to grantee estimates, this investment will result in 40 new jobs from the first round of loans with more jobs created as funds are repaid and new loans are given.
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.