U.S. Department of Commerce Invests $11.1 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small Businesses Across Montana Respond to Coronavirus
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $11.1 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 Montana.
“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 Montana 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 Montana’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 Montana businesses have access to capital to respond to and recover from the coronavirus pandemic.”
“Montana’s small businesses keep our main streets vibrant and are the key towards economic recovery as we weather through COVID-19,” said Governor Steve Bullock. “Our state is grateful for this additional assistance that will help to enhance our efforts to ensure that our mom and pop shops can rebound and thrive.”
“The coronavirus pandemic has hit Montana’s economy hard, and our local small businesses need all the support they can get to weather this storm,” said Senator Jon Tester. “I fought to secure these funds to help Main Street businesses all across our state keep the lights on and continue serving their communities during the outbreak, and I will keep working to make sure all Montanans have the support and resources they need to survive this crisis.”
“This funding is about empowering Montana small business owners whose operations have been impacted by the ongoing COVID-19 pandemic,” said Senator Steve Daines. “I will continue working to ensure our small business owners get the help and support they need to get through these challenging times.”
The EDA investments announced today are:
- Great Falls Development Authority, Inc., Great Falls, Montana, will receive a $4.8 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 Cascade, Glacier, Pondera, Teton, and Toole counties.
- Butte Local Development Corporation, Butte, Montana, will receive a $3.5 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide loans to coronavirus-impacted businesses in Butte-Silver Bow county.
- Montana Community Development Corporation, Missoula, Montana will receive a $1.6 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in Missoula County.
- Montana Business Assistance Connection, Inc., Helena, Montana, will receive a $660,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in Anaconda-Deer Lodge, Beaverhead, Butte-Silver Bow, Granite, Jefferson, Madison, and Powell counties.
- Headwaters Resource Conservation & Development Area, Butte, Montana, will receive a $550,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in Anaconda-Deer Lodge, Beaverhead, Butte-Silver Bow, Granite, Jefferson, Madison, and Powell 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.