Press Release
U.S. Department of Commerce Invests $750,000 to Support Business Development in Western North Carolina
Contact: EDA Public Affairs Department, (202) 482-4085
February 16, 2017
WASHINGTON – The U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $750,000 grant to Mountain BizCapital, Inc., of Asheville, North Carolina, to establish a Revolving Loan Fund (RLF) that will support business growth in a 16-county region in western North Carolina.
“The Economic Development Administration is committed to helping grow and expand small and medium-sized businesses through our Revolving Loan Fund program,” said Deputy Assistant Secretary for Regional Affairs Tom Guevara. “This EDA investment will establish a critical source of capital for small businesses when traditional bank loans are not available or sufficient.”
The project will provide resources to meet insufficient capital needs for small business in the region and is expected to help an estimated 43 small businesses.
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.