U.S. Department of Commerce Invests $6.8 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small Businesses Across Rhode Island 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 that have been adversely affected by the coronavirus pandemic across Rhode Island.
“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 Rhode Island 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 Rhode Island’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 Rhode Island businesses have access to capital to respond to and recover from the coronavirus pandemic.”
“The pandemic has destabilized so many of the restaurants, shops, and other small businesses that are part of Rhode Island’s DNA,” said Senator Sheldon Whitehouse. “This CARES Act funding will be a lifeline for small businesses in Providence and across the state, helping protect jobs and keep our local economy afloat.”
“Rhode Island’s small businesses have taken a hit during the pandemic, but these awards will provide some much-needed relief,” said Congressman David Cicilline (RI-01). “House Democrats passed the CARES Act to provide grants like these to small businesses in need and I’m grateful to the Economic Development Administration for recognizing Rhode Island’s vibrant small business community. Congratulations to the Rhode Island Commerce Corporation and Providence Business Loan Fund for being awarded these grants.”
The EDA investments announced today are:
- Rhode Island Commerce Corporation, Providence, Rhode Island, will receive a $6 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide gap financing and loans to coronavirus-impacted businesses across Rhode Island to help them respond to and recover from the pandemic.
- Providence Business Loan Fund, Providence, Rhode Island, will receive a $836,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in the city of Providence.
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.