U.S. Department of Commerce Invests $3.3 Million in CARES Act Funding to Capitalize Revolving Loan Fund to Help Small Businesses in Rural Nevada Respond to Coronavirus
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $3.3 million CARES Act Recovery Assistance grant to the Rural Nevada Development Corporation, Ely, Nevada, to capitalize and administer a Revolving Loan Fund (RLF) that will provide critical gap financing to small businesses and entrepreneurs in rural Nevada adversely affected by the coronavirus pandemic.
“President Trump is working diligently every day to support our nation’s economy following the impacts of COVID-19 through the CARES Act,” said Secretary of Commerce Wilbur Ross. “This investment will provide small businesses in rural Nevada with the necessary capital to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient regional economy for the future.”
“This investment comes at a crucial time to help Nevada’s and our nation’s economy come roaring back and provide hard-working Americans with new opportunities,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “Small businesses are the lifeblood of our communities, and EDA is pleased to invest these CARES Act funds in the Rural Nevada Development Corporation to capitalize and administer an RLF that will serve coronavirus impacted businesses in Elko, Esmeralda, White Pine, Lincoln, Eureka, Lander, Pershing, Humboldt, Nye, Churchill, Storey, Douglas, Mineral, and Lyon counties.”
“Small businesses are the heart and soul of Nevada’s rural communities and this investment will help them keep their doors open and their workers safe as they weather this pandemic,” said Senator Catherine Cortez Masto. “I’m proud to have supported this critical grant program in the CARES Act, and will continue advocating for additional funding for rural Nevada business owners and employees as Congress negotiates the next relief package.”
“Nevada’s rural small businesses are the economic engine that keeps many of our communities afloat,” said Senator Jacky Rosen. “This grant funding will provide our rural small businesses, which have been disproportionately impacted by the coronavirus pandemic, a lifeline, allowing them to keep their doors open. As Congress works to address this crisis, I will continue my work on the Senate Small Business and Entrepreneurship Committee to bring much-needed support to all of our state’s small businesses.”
The Rural Nevada Development Corporation, a current EDA RLF grantee, is one of the more than 850 existing, high-performing EDA Economic Development District, University Center, Tribal, and RLF grant recipients invited to apply for supplemental funding under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The CARES Act, signed into law by President Donald J. Trump, provides EDA with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to the coronavirus pandemic.
On May 7, Secretary Ross announced that EDA is accepting applications for CARES Act Recovery Assistance funding opportunities.
EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) (PDF) program, provides a wide-range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic. For complete information, please visit our recently updated EDA CARES Act Recovery Assistance page.
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.