U.S. Department of Commerce Invests $1.9 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small Businesses Across Oklahoma Respond to Coronavirus
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $1.9 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 Oklahoma.
“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 Oklahoma 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 Oklahoma’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 Oklahoma businesses have access to capital to respond to and recover from the coronavirus pandemic.”
“I appreciate President Trump's commitment to serve as a champion of Oklahoma businesses,” said Governor Kevin Stitt. “These critical funds will allow our small business owners to continue to safely reopen as we work to recover from the impact of COVID-19 and reboot our economy.”
“This additional $1.9 million in community grants from the CARES Act announced today by the EDA is welcome news,” said Senator Jim Inhofe. “I am proud to have an administration working hard for Oklahomans as our communities work to recover from the continued effects of COVID-19. The Oklahoma Standard is neighbors helping neighbors – and each of the organizations receiving a grant today will demonstrate that Standard to families and small businesses across Oklahoma. I’m grateful for the Trump Administration’s recognition of that in awarding these grants to our communities.”
“Oklahomans are resilient and communities have stepped up to help their neighbors through these tough times; it’s the Oklahoma Standard,” said Congressman Markwayne Mullin (OK-02). “These EDA grants will help communities throughout eastern Oklahoma get the resources they need to continue to recover from the economic impact of COVID-19.”
“Small businesses are the heartbeat of many communities across Oklahoma’s Third District. Unfortunately, it’s these same small businesses who have borne the brunt of the pandemic’s devastating economic impact,” said Congressman Frank Lucas (OK-03). “These investments will provide critical relief to small businesses and will help strengthen Oklahoma’s economic recovery efforts as we respond to COVID-19. I’m proud to have voted for the CARES Act, and I remain committed to ensuring our small business owners get the help and support they need in order to get through these challenging times.”
The EDA investments announced today are:
- Miami Area Economic Development Service, Inc., Miami, Oklahoma, will receive a $825,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in Craig, Delaware, and Ottawa counties.
- Northern Oklahoma Development Authority, Enid, Oklahoma, will receive a $550,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide gap financing and loans to coronavirus-impacted businesses in Alfalfa, Blaine, Garfield, Grant, Kay, Kingfisher, Major, and Noble counties.
- REI Oklahoma, Durant, Oklahoma, 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 Adair, Atoka, Bryan, Caddo, Cherokee, Choctaw, Coal, Craig, Delaware, Greer, Harmon, Haskell, Hughes, Jackson, Jefferson, Johnston, Kiowa, Latimer, Le Flore, Lincoln, Love, Mayes, McClain, McCurtain, McIntosh, Murray, Nowata, Okfuskee, Okmulgee, Pittsburg, Pushmataha, Sequoyah, Seminole, Tillman, and Wagoner 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.