Press Release

U.S. Department of Commerce Invests $8.2 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small Businesses Across Illinois Respond to Coronavirus

WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $8.2 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 Illinois.

“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 Illinois 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 Illinois’ 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 Illinois businesses have access to capital to respond to and recover from the coronavirus pandemic.”

“As we continue to grapple with the economic consequences of the COVID-19 pandemic, we must ensure that small businesses are not left behind,” said Senator Dick Durbin. “This federal funding will serve as a lifeline for many small businesses throughout Illinois in rural and urban communities alike. I’ll continue advocating for federal resources to help families and small businesses stay afloat during this unprecedented crisis.”

“After a months-long shutdown, Southern Illinois small businesses are starting to re-open and employees are getting back to work,” said Congressman Mike Bost (IL-12). “This grant will help ensure that small businesses in Alexander, Pulaski, and Union counties can access critical resources to make it through this tough time.”

The EDA investments announced today are:

• BI-State Regional Commission, Rock Island, Illinois, will receive a $2.5 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to make loans to coronavirus-impacted small businesses in Mercer and Rock Island counties in Illinois and Muscatine and Scott counties in Iowa.
• ACCION/Chicago Inc., Chicago, Illinois, will receive a $1.8 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to make loans to coronavirus-impacted small businesses in Cook county, Illinois and Lake county, Indiana.
• The city of Peoria, Illinois, will receive a $1.4 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to make loans to coronavirus-impacted businesses in the city of Peoria.
• Henry County, Illinois, will receive a $1.3 million EDA CARES Act Recovery Assistance grant capitalize and administer an RLF to provide loans to coronavirus-impacted businesses in Henry county, Illinois.
• The city of Rockford, Illinois, will receive a $704,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to make loans to coronavirus-impacted businesses in the city of Rockford, Illinois.
• The Southern Five Regional Planning District and Development Commission, Villa Ridge, Illinois, will receive a $550,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to make loans to coronavirus-impacted small businesses in Alexander, Johnson, Massac, Pulaski, and Union 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.