U.S. Department of Commerce Invests $800,000 to Capitalize a Revolving Loan Fund to Support Small Businesses in Northwest Oregon
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding an $800,000 grant to the Columbia-Pacific Economic Development District, St. Helens, Oregon, to capitalize a Revolving Loan Fund (RLF) to bolster small business development and expansion.
This grant will provide access to capital as gap financing to enable small businesses to grow and generate new employment opportunities. This EDA investment will be matched with $200,000 in local funds.
“The Economic Development Administration works closely with local communities to support place-based economic growth,” said Deputy Assistant Secretary for Policy and External Affairs Cristina Killingsworth. “This Revolving Loan Fund will provide the capital that small businesses and entrepreneurs in Clatsop, Columbia, Tillamook, and Washington counties need to grow and thrive. EDA’s long history of supporting RLFs across America is filled with success stories of community growth through strong local businesses.”
“Oregon’s small businesses are the backbone of our local economies,” said Governor Tina Kotek. “They are a part of what makes Oregon and the Pacific Northwest so special by bringing character, a sense of community, and strong customer service to our cities and towns. This award is critical to fostering continued growth and I am grateful to the Economic Development Administration for affirming the value of Oregon’s small businesses with this meaningful investment.”
“Oregon is overwhelmingly a small business state, and this federal investment will help entrepreneurs start and grow in our state’s northwest corner,” said Senator Ron Wyden. “This revolving loan fund provides great job opportunities for Clatsop, Columbia, Tillamook, and Washington counties, and I’ll keep battling for similar opportunities throughout Oregon.”
“Small, locally owned businesses are the backbone of Oregon’s economy,” said Senator Jeff Merkley. “This $800,000 in federal funding will support and encourage economic development in Northwest Oregon by helping small businesses access the funds they need to grow and expand. I will continue to do all that I can to deliver the necessary resources for entrepreneurs across Oregon to succeed.”
“The Columbia-Pacific Economic Development District (ColPac) is doing great work to support entrepreneurs and small businesses across rural Northwest Oregon,” said Representative Suzanne Bonamichi (OR-1). “This new grant from the Economic Development Administration will increase access to needed capital, creating jobs and spurring growth in the local economy. I advocated for ColPac’s grant application and look forward to seeing how this investment helps small businesses expand and diversify.”
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 invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.