Press Release

U.S. Department of Commerce Invests $18.6 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small Businesses Across Texas Respond to Coronavirus

WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $18.6 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 that have been adversely affected by the coronavirus pandemic across Texas.

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

“This funding will strengthen Texas’ economic recovery efforts as we respond to COVID-19,” said Governor Greg Abbott. “Small businesses and entrepreneurs across the state are vital to Texas’ economic success, and need all the help they can get as they adapt to the pandemic. I thank our federal partners for working alongside the State of Texas to provide our communities with resources to help overcome this challenge and keep Texans safe.”

“Small businesses in Texas have borne the brunt of the pandemic’s devastating impact,” said Senator John Cornyn. “I applaud this announcement and will continue to do everything I can to make sure Texas small businesses have what they need to survive this crisis.”

“We are very gratified the Trump Administration's Department of Commerce and Secretary Ross agreed with the need to help local coronavirus impacted businesses,” said Congressman Louie Gohmert (TX-01). “Many businesses have not just been impacted but have also been devastated, and this grant is a great help in the recovery process.”

“I’m glad to see the Commerce Department working with and through our local communities as we all navigate our way through COVID,” said Congressman Mac Thornberry (TX-13). “Small businesses and their employees are vital to our economy. This assistance to small businesses in our area will help us all get through these challenging times.”

The EDA investments announced today are:

• LiftFund Inc., San Antonio, Texas, will receive a $4.3 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in the city of San Antonio.
• South Plains Economic Development District, will receive a $4.3 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide gap financing and loans to coronavirus-impacted businesses in Bailey, Cochran, Crosby, Dickens, Floyd, Garza, Hale, Hockley, King, Lamb, Lubbock, Lynn, Motley, Terry, and Yoakum counties to help them respond to and recover from the pandemic.
• Moore County Development Inc., Dumas, Texas, will receive a $2.1 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loan to coronavirus impacted small businesses in Moore county.
• Liftfund Inc. San Antonio, Texas, will receive a $2 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide loans to coronavirus-impacted businesses in Aransas, Bee, Brooks, Calhoun, DeWitt, Duval, Goliad, Gonzales, Jackson, Jim Wells, Kenedy, Kleberg, Lavaca, Live Oak, Nueces, Refugio, San Patricio and Victoria counties to help them respond to and recover from the pandemic.
• Gulf Coast Economic Development District, Houston, Texas, will receive a $1.7 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loan to coronavirus impacted small businesses in Austin, Brazoria, Chambers, Colorado, Fort Bend, Galveston, Harris, Liberty, Matagorda, Montgomery, Walker, Waller, and Wharton counties.
• LiftFund Inc., San Antonio, Texas, will receive a $836,900 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in El Paso County.
• Tyler Economic Development Council, Inc., Tyler, Texas, will receive a $682,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus impacted small businesses in Smith county.
• CEN-TEX Certified Development Corporation, dba BCL of Texas, Austin, Texas, will receive a $550,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loan to coronavirus impacted small businesses Caldwell, Gonzales, Colorado, Burleson, Fayette, Lavaca, Matagorda, Lampasas, Lee, Waller, and Wharton counties.
• Northeast Texas Economic Development District, Texarkana, Texas, will receive a $550,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide low interest loans to coronavirus-impacted small businesses in Bell, Bosque, Bowie, Camp, Cass, Coryell, Delta, Eastland, Erath, Falls, Franklin, Freestone, Gregg, Harrison, Hill, Hopkins, Johnson, Lamar, Limestone, Marion, McLennan, Milam, Morris, Navarro, Panola, Red River, Somervell, Titus, and Upshur counties.
• Concho Valley Council of Governments, San Angelo, Texas, will receive a $550,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loan to coronavirus impacted small businesses in Tom Green county.
• South Texas Development Council, Laredo, Texas, will receive a $550,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loan to coronavirus impacted small businesses in Jim Hogg, Starr, Webb, and Zapata counties.
• Brazos Valley Council of Governments, Bryan, Texas, will receive a $275,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loan to coronavirus impacted small businesses in Brazos, Burleson, Grimes, Leon, Madison, Robertson and Washington 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.