U.S. Department of Commerce Invests $4.3 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small Businesses Across West Virginia Respond to Coronavirus
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $4.3 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 West Virginia.
“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 West Virginia 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 West Virginia’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 West Virginia businesses have access to capital to respond to and recover from the coronavirus pandemic.”
“This multimillion-dollar investment from the U.S. Department of Commerce is going to be such a blessing for our small businesses and I am very grateful,” said Governor Jim Justice. “I’ve said many times that President Donald Trump and his administration are the best friends that West Virginians have ever had in Washington, but that is especially true when it comes to our businesses, and this latest investment in our success is just more proof. I’m as thrilled as can be that our small businesses, which are truly the backbone of our state’s economy, will be provided with this crucial support as we all work together to rebuild our communities from the effects of this pandemic.”
“The COVID-19 pandemic has had devastating impacts on our economy in West Virginia,” said Senator Joe Manchin. “These EDA grants are welcome investments in businesses from Parkersburg to Princeton and towns in between. I have always said, West Virginians are the hardest workers you will find. Investing in West Virginia workers and businesses are investments in our communities and our future. I will continue advocating for investments like these because West Virginia is a great place to do business.”
“As small business owners in West Virginia continue to recover from the devastating impact of the COVID-19 pandemic, EDA continues to be a steadfast partner and supporter of Mountain State businesses,” said Senator Shelley Moore Capito, chairman of the Senate Environment and Public Works (EPW) Transportation and Infrastructure subcommittee. “These funds will help provide the critical financing our state’s small businesses need during this difficult time, and I will continue to work toward passage of my legislation, the RLF Act, to ensure they are deployed effectively. Since my time in the Senate, I’ve made sure EDA does not forget West Virginia and I will continue to advocate for our small businesses so they can emerge from this pandemic stronger.”
The EDA investments announced today are:
- Mid-Ohio Valley Regional Planning & Development Council, Parkersburg, West Virginia, will receive a $3.2 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in Calhoun, Doddridge, Harrison, Jackson, Marion, Monongalia, Pleasants, Preston, Ritchie, Roane, Taylor, Tyler, Wirt, and Wood counties.
- Natural Capital Investment Fund, Inc., Charles, West Virginia, will receive a $550,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide loans to coronavirus-impacted businesses in the State of West Virginia to help them respond to and recover from the pandemic.
- Region I Planning & Development Council, Princeton, West Virginia, will receive a $550,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in McDowell, Mercer, Monroe, Raleigh, Summers, and Wyoming counties.
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.