U.S. Department of Commerce Invests $6.8 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small Businesses Across South Dakota Respond to Coronavirus
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $6.8 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 South Dakota.
“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 South Dakota 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 South Dakota’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 South Dakota businesses have access to capital to respond to and recover from the coronavirus pandemic.”
“While South Dakota’s economy has largely withstood the brunt of this pandemic, this funding will help put our state in an even better position to come out of these tough times even stronger,” said Senator John Thune. “I was proud to support the CARES Act, I’m grateful that South Dakota continues to benefit from the assistance it created.”
“As South Dakota continues to recover from the economic impacts of COVID-19, it’s important our local governments have the opportunity to utilize funding from the CARES Act to speed up the recovery,” said Congressman Dusty Johnson. “These grants will allow our communities in South Dakota to bounce back faster and stronger and I’m glad they are being utilized by good hands.”
The EDA investments announced today are:
- Areawide Business Council, Inc., Yankton, South Dakota, will receive a $4 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in Aurora, Bon Homme, Brule, Buffalo, Charles Mix, Davison, Douglas, Gregory, Hanson, Hutchinson, Jerauld, Lyman, Sanborn, Tripp, Yankton counties.
- First District Association of Local Governments, Watertown, South Dakota, will receive a $1.7 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loan to coronavirus-impacted small businesses in Brookings, Codington, Clark, Deuel, Grant, Hamlin, Kingsbury, Lake, Miner, Moody, Roberts counties.
- Black Hills Community Economic Development, Inc., Rapid City, South Dakota, will receive a $1.1 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide gap financing and loans to coronavirus-impacted businesses in Lawrence County to help them respond to and recover from the pandemic.
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.
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.