U.S. Department of Commerce Invests $11.4 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small Businesses Across Wisconsin Respond to Coronavirus
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $11.4 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 Wisconsin.
“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 Wisconsin 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 Wisconsin’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 Wisconsin businesses have access to capital to respond to and recover from the coronavirus pandemic.”
“The $3.6 million investment in Racine through the CARES Act will help our economy rebound and jobs return,” said Congressman Bryan Steil (WI-01). “These federal funds will keep workers employed, stabilize businesses, and strengthen our economy. I will continue fighting for Southeast Wisconsin families and working with the Administration to fully reopen our economy.”
The EDA investments announced today are:
- Racine County Economic Development Corp., Sturtevant, Wisconsin, will a receive a $3.6 million EDA CARES Act Recovery Assistance grant to support business growth and community development by capitalizing and administering an RLF to provide loans to coronavirus-impacted businesses in Racine County.
- Milwaukee Economic Development Corporation, Milwaukee, Wisconsin, will receive a $2.9 million EDA CARES Act Recovery Assistance grant to assist in financing businesses that have been heavily impacted by COVID-19 by capitalizing and administering an RLF to provide loans to coronavirus-impacted businesses in Milwaukee.
- Impact Seven, Inc., Rice Lake, Wisconsin, will receive a $1.1 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide loans to coronavirus-impacted businesses in Barron, Burnett, Chippewa, Dunn, Polk, Sawyer, Ashland, Bayfield, Juneau, Price, Rock and Washburn counties and the Village of Cambria.
- Mississippi River Regional Planning Commission, La Crosse, Wisconsin, will receive a $1.1 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide businesses in Buffalo, Crawford, Jackson, La Crosse, Monroe, Pepin, Pierce, Trempealeau and Vernon counties affected by COVID-19 attractive loans to support business expansion and contribute to the economic growth of the region.
- Northwest Regional Planning Commission, Spooner, Wisconsin, will receive a $1.1 million EDA CARES Act Recovery Assistance grant to provide low-cost financing to small businesses impacted by COVID-19 by capitalizing and administering an RLF to provide loans to coronavirus-impacted businesses in Ashland, Bayfield, Burnett, Douglas, Iron, Price, Rusk, Sawyer, Taylor, and Washburn counties.
- Southwestern Wisconsin Regional Planning Commission, Platteville, Wisconsin, will receive a $550,000 EDA CARES Act Recovery Assistance grant to provide low-interest loans to finance entrepreneurs, small businesses, and business expansion initiatives in Grant, Green, Iowa, Lafayette, and Richland counties in southwestern Wisconsin.
- West Central Wisconsin Regional Planning Commission, Eau Claire, Wisconsin, will receive a $550,000 EDA CARES Act Recovery Assistance grant to sustain otherwise healthy businesses that have been impacted by COVID-19 by capitalizing and administering an RLF to provide loans to coronavirus-impacted businesses in Barron, Chippewa, Clark, Dunn, Eau Claire, Polk and St. Croix counties.
- The city of Eau Claire, Wisconsin, will receive a $509,831 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to help coronavirus-impacted businesses in Eau Claire.
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.Tax Cuts and Jobs Act Opportunity Zone Opportunity Zones as an Investment Priority Tax Cuts and Jobs Act of 2017, Opportunity Zones Investment Priority Opportunity Zones webpage Opportunity Now resources page here White House Opportunity and Revitalization Council Report (PDF) (Pub. L. 116-20) (PDF) Economic Adjustment Assistance (EAA) Program (PDF) Robert T. Stafford Act Disaster Supplemental webpage The project, to be located in a Tax Cuts and Jobs Act designated Opportunity Zone,
This project is funded under the Assistance to Coal Communities (ACC) program, through which EDA awards funds on a competitive basis to assist communities severely impacted by the declining use of coal through activities and programs that support economic diversification, job creation, capital investment, workforce development, and re-employment opportunities.
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.