Press Release

U.S. Department of Commerce Invests $15 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small Businesses Across Northern California Respond to Coronavirus

WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $15 million in CARES Act Recovery Assistance grants to capitalize and administer Revolving Loan Funds (RLFs) that will provide critical gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic across Northern California.

“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. “These investments will provide small businesses across Northern California with the necessary capital to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient state economy for the future.”

“These investments come at a crucial time to help Northern California’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 so that Northern California businesses have access to capital to respond to and recover from the coronavirus pandemic.”

“COVID-19 has taken a serious toll on small businesses in rural Northern California,” said Congressman Doug LaMalfa (CA-01). “These grants will provide our businesses with extra support to help facilitate small business loans as they work to reopen safely and responsibly. I thank President Trump and Secretary Ross for their dedication to strengthening our local economies as we navigate the many financial burdens created by this virus.”

The EDA investments announced today are:

• Redwood Region Economic Development Commission, Eureka, California, will receive a $5 million EDA CARES Act Recovery Assistance grant to respond to the coronavirus pandemic by capitalizing and administering an RLF that will provide loans to coronavirus-impacted businesses in Humboldt County.
• The California Association for Local Economic Development, Sacramento, California, will receive a $2.1 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide loans to coronavirus-impacted businesses throughout California.
• The County of Monterey will receive a $1.7 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide loans to coronavirus-impacted businesses in Monterey County.
• 3CORE Inc., Chico, California, will receive a $1.4 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide loans to coronavirus-impacted businesses in Butte, Glenn, and Tehama counties.
• Superior California Economic Development, Redding, California, will receive a $1.1 million EDA CARES Act Recovery Assistance grant to respond to the coronavirus pandemic by capitalizing and administering an RLF that will provide loans to small and mid-sized businesses in Shasta, Siskiyou, Trinity, and Modoc counties.
• The city of Berkeley, California, will receive an $814,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide small business loans to coronavirus-impacted businesses in Berkeley.
• The city and county of San Francisco, California, will receive a $550,00 EDA CARES Act Recovery Assistance grant to help small businesses respond to the economic impact of the coronavirus pandemic by capitalizing and administering an RLF that will provide loans to coronavirus-impacted businesses in the city and county of San Francisco.
• The city of Oakland, California, will receive a $550,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide loans to small businesses in Oakland.
• California Capital FDC, Sacramento, California, will receive a $550,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide loans to small businesses impacted by the coronavirus pandemic in Sacramento, Yolo, El Dorado, Placer, and Nevada counties.
• Fresno Community Development Financial Institution, Fresno, California, will receive a $550,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide small business loans to coronavirus-impacted businesses in San Benito county.
• Economic and Development and Financing Corporation, Ukiah, California, will receive a $550,000 EDA CARES Act Recovery Assistance grant to offer small business loans to coronavirus-impacted businesses by capitalizing and administering an RLF to serve businesses in Mendocino and Lake counties.

These current EDA RLF grantees are some of the more than 850 existing, high-performing EDA RLF, Economic Development District, University Center, and Tribal 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.