U.S. Department of Commerce Invests $16 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small Businesses Across Indiana Respond to Coronavirus
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $16 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 Indiana.
“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 Indiana 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 Indiana’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 Indiana businesses have access to capital to respond to and recover from the coronavirus pandemic.”
“Small businesses are the heart of so many of our communities, and these funds are an investment in the future of our people and our cities,” said Governor Eric Holcomb. “I am proud of the work done by our federal partners to ensure that entrepreneurs have the support they need so their businesses can keep serving Hoosiers for years to come.”
“The COVID-19 pandemic and the subsequent stay-at-home orders created an uncertain future for our local small businesses and the Hoosiers who work there,” said Congressman Trey Hollingsworth (IN-09). “I’m excited to see Scottsburg use this grant to assist in small business growth and reignite the local economy.”
The EDA investments announced today are:
- The City of South Bend will receive a $7.7 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to make loans to coronavirus impacted small businesses in the City of South Bend. Efforts will support the growth of the region’s economy, including the critical manufacturing sector, and support workforce growth and development.
- The City of Fort Wayne will receive a $6 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to make loans to coronavirus impacted small businesses in Allen County, which will increase access to capital for business owners.
- The City of Kokomo will receive a $660,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to make loans to coronavirus impacted small businesses in Howard County, providing capital to businesses in advanced manufacturing and other high-tech industries.
- NIRPC will receive a $583,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to make loans to coronavirus impacted small businesses in Lake, Porter and LaPorte counties. The flexible gap financing will help businesses recover and respond to the impacts of the pandemic. Efforts will also include hiring of additional staff to provide capacity-building and technical assistance.
- The City of Evansville 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 the City of Evansville, which will ensure long-term economic stability in the Tri-State area.
- The City of Scottsburg 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 Scott County. Efforts also include implementing strategies to grow the region’s critical manufacturing sector by hiring additional staff and supporting workforce needs.
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.