U.S. Department of Commerce Invests $4.8 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small Businesses Across Missouri Respond to Coronavirus
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $4.8 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 Missouri.
“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 Missouri 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 Missouri’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 Missouri businesses have access to capital to respond to and recover from the coronavirus pandemic.”
“COVID-19 has severely impacted businesses across our state,” said Governor Mike Parson. “We are working hard every day to help them recover, and we appreciate the continued support and assistance from President Trump and his administration. These investments will provide critical assistance to Missouri’s small businesses and the communities that depend on them.”
“Small businesses create the majority of new jobs in our economy and enhance the quality of life in the communities they serve,” said Senator Roy Blunt. “We need to be sure small business owners and their employees have the support they need to get through this pandemic so they’ll be able to rebound quickly. The investments announced today will help keep us moving in the right direction as our economy gets back to full speed.”
“Getting our small businesses the funding they need to survive is critical to recovering from this pandemic,” said Congressman Sam Graves (MO-06). “Small businesses are the lifeblood of rural Missouri and these Revolving Loan Funds will play a big part in rebuilding our economy. I’m glad to see more CARES Act funding make its way to North Missouri and I’m pleased that the Trump Administration continues to focus on ensuring that our rural economy can come back strong.”
The EDA investments announced today are:
- St. Louis Development Corporation, St. Louis, Missouri, will receive a $3.2 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide loans to coronavirus-impacted businesses in St. Louis.
- Mark Twain Regional Council of Governments, Perry, Missouri, 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 Audrain, Macon, Marion, Monroe, Pike, Ralls, Randolph, and Shelby counties.
- Mo-Kan Regional Council, St. Joseph, Missouri, will receive a $550,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide gap financing and loans to coronavirus-impacted businesses in Andrew, Buchanan, Clinton, and DeKalb counties.
- South Central Ozarks Council of Governments, Pomona, Missouri, will receive a $530,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loan to coronavirus-impacted small businesses in Douglas, Howell, Oregon, Ozark, Shannon, Texas, and Wright 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.