U.S. Department of Commerce Invests $1.1 Million in CARES Act Funding to Capitalize Revolving Loan Fund to Help Small Businesses in Kansas Respond to Coronavirus
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.1 million CARES Act Recovery Assistance grant to the North Central Regional Planning Commission, Beloit, Kansas, 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 in Kansas.
“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 small businesses in Kansas with the necessary capital to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient regional economy for the future.”
“This investment comes at a crucial time to help Kansas’ 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 in the North Central Regional Planning Commission to capitalize and administer an RLF that will serve coronavirus-impacted businesses in Clay, Cloud, Dickinson, Ellsworth, Jewell, Lincoln, Marshall, Mitchell, Ottawa, Republic, Saline, and Washington counties.”
“The COVID-19 pandemic has caused challenges for businesses in our state that we never could have anticipated – and our small business owners and entrepreneurs have shouldered the brunt of the financial hardship,” said Governor Laura Kelly. “I want to thank the U.S. Department of Commerce for this grant to the community of Beloit that will help provide our local businesses with the support they need to grow now and into the future. My administration will continue working with our federal partners to keep Kansas on the path to economic recovery.”
“As Chairman of the Appropriations Subcommittee on Commerce, Justice, Science, and Related Agencies, I support the ongoing and critical mission of the EDA to assist the economic activity of our communities, especially during this pandemic,” said Senator Jerry Moran. “This grant is an investment into small businesses in north central Kansas that support local jobs and provide invaluable resources to many communities in the region.”
“Rebuilding from the ongoing impacts of the economic shutdown continues to be the main focus for Kansas small businesses, and these funds announced by Secretary Ross today will no doubt be welcome news to north central Kansas business owners trying to keep their doors open and employees on the job,” said Congressman Roger Marshall, M.D. (KS-01). “My thanks and appreciation go to the Trump Administration and Department of Commerce for continuing to swiftly and effectively administer CARES Act resources.”
North Central Regional Planning Commission, a current EDA RLF grantee, is one of the more than 850 existing, high-performing EDA Economic Development District, University Center, Tribal, and 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.Tax Cuts and Jobs Act Opportunity Zone Created by President Donald J. Trump’s Tax Cuts and Jobs Act of 2017, Opportunity Zones are spurring economic development in economically-distressed communities nationwide. In June 2019, EDA added Opportunity Zones as an Investment Priority, which increases the number of catalytic Opportunity Zone-related projects that EDA can fund to fuel greater public investment in these areas. To learn more about the Commerce Department’s work in Opportunity Zones, please visit EDA’s Opportunity Zones webpage. To learn more about the Opportunity Zone program, see the Opportunity Now resources webpage. To learn more about Opportunity Zone best practices, see the recently released White House Opportunity and Revitalization Council Report (PDF) to President Trump. 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.