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Louisiana Businesses Receive Aid from Commerce Dept for BP Oil Spill Recovery Efforts

July 19, 2010
Contact: John Atwood, (202) 482-4085

WASHINGTON - The U.S. Commerce Department's Economic Development Administration (EDA) today announced a $450,000 grant to the South Central Planning and Development Commission of Houma, La., to recapitalize a Revolving Loan Fund (RLF) that helps small businesses impacted by the BP oil spill and other businesses that will aid in the economic recovery.

"The Obama administration is committed to helping Louisiana recover from the impact of the BP oil spill," U.S. Assistant Secretary of Commerce for Economic Development John R. Fernandez said. "This EDA investment will provide small businesses with critical access to the capital they need to remain in the area to retain and create jobs."

"Given the current situation facing Southeast Louisiana, it is important that regional collaboration take place to help cope with the stresses to the local economy. South Central Planning and Development Commission is no doubt poised to aid in these efforts. This Economic Development Administration grant will provide the South Central Planning and Development Commission some assistance in enabling the collaborative approach to economic recovery," Kevin P. Belanger, Chief Executive Officer of the South Central Planning and Development Commission, said.

This EDA investment will recapitalize the South Central Planning and Development Commission's revolving loan fund to provide loan assistance to those small businesses disrupted by the BP oil spill and those capable of assisting in the economic recovery.

About the U.S. Economic Development Administration (www.eda.gov): This year, the U.S. Economic Development Administration (EDA) marks 45 years of public service, with a mission of leading the federal economic development agenda by promoting competitiveness and preparing American regions for growth and success in the worldwide economy. EDA is an agency within the U.S. Department of Commerce that partners with distressed communities throughout the United States to foster job creation, collaboration and innovation.