Press Release

U.S. Department of Commerce to Invest $3.9 Million in CARES Act Funding to Capitalize Revolving Loan Fund to Help Small Businesses Across Washington Respond to Coronavirus

WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $3.9 million EDA CARES Act Recovery Assistance grant to NDC Economic Development Lending, Inc., to capitalize and administer a Revolving Loan Fund (RLF) that will provide critical gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic across Washington State.

“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. “This investment will provide the resources that Washington State needs to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient state economy for the future.”

“This investment comes at a crucial time to help Washington state 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. “Resources from this RLF will be available to Washington businesses across multiple industry sectors, including those located in the state’s 139 Opportunity Zones, to aid their recovery from these unprecedented challenges.”

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.

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.