U.S. Department of Commerce Invests $1.5 Million in CARES Act Funding to Boost Economic Development Programs Critical to Helping Colorado Respond to Coronavirus
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $1.5 million in CARES Act Recovery Assistance grants to four EDA Economic Development District organizations across Colorado to update economic development plans and fortify programs to assist communities in responding to the coronavirus pandemic.
“The Trump Administration is eager to allocate these essential CARES Act funds and deliver on our promise to help American communities recover from the impact of COVID-19,” said Secretary of Commerce Wilbur Ross. “I am proud of the perseverance and strength shown by our communities coast to coast throughout this pandemic, and these funds will help provide Colorado with resources to make a swift and lasting economic comeback.”
“These investments come at a crucial time to help Colorado’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. “We are pleased to make these investments in Colorado’s EDA Economic Development Districts to help them prevent, prepare, and respond to coronavirus.”
“COVID-19 has resulted in unprecedented strain on communities across all four corners of Colorado,” said Senator Gardner. “I’m excited to see this important funding from the U.S. Department of Commerce’s Economic Development Administration delivered to several areas across Colorado to bolster local economies and help small businesses get through this pandemic. We must continue working together to ensure relief is reaching Coloradans and the American people.”
The EDA investments announced today are:
- Northwest Colorado Council of Governments Economic Development District, Silverthorne, Colorado, will receive a $400,000 EDA CARES Act Recovery Assistance grant to respond to the coronavirus pandemic by supporting small businesses, especially in the hard-hit tourism sector, which is crucial to the region; building capacity in the five-county region to execute an economic recovery plan; and providing technical assistance via a regional recovery and resiliency coordinator.
- Southern Colorado Economic Development District (SCEDD), Pueblo, Colorado, will receive a $400,000 EDA CARES Act Recovery Assistance grant to respond to the coronavirus pandemic by hiring three recovery coordinators to serve in the Eastern Plains, South Central, Upper Arkansas regions of SCEDD’s thirteen counties.
- San Luis Valley Development Resources Group, Alamosa, Colorado, will receive a $397,148 EDA CARES Act Recovery Assistance grant to respond to the coronavirus pandemic by hiring a disaster recovery coordinator for two years to serve its six-county region and help identify potential resiliency, mitigation, and economic recovery projects.
- Region 9 Economic Development District of Southwest Colorado, Durango, Colorado, will receive a $303,503 EDA CARES Act Recovery Assistance grant to respond to the coronavirus pandemic by providing technical assistance to communities and businesses in the region.
These entities, all EDA-designated Economic Development Districts (EDD), are some of the more than 850 existing, high-performing EDA EDD, University Center, Tribal, and Revolving Loan Fund (RLF) 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.