U.S. Department of Commerce Invests $19 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small Businesses Across Western New York Respond to Coronavirus
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $19 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 Western New York.
“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 Western New York 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 New York’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 Western New York businesses have access to capital to respond to and recover from the coronavirus pandemic.”
“We were proud to support this grant because we care about all the businesses, non-profits, and entrepreneurs who have been severely impacted by the economic and public health effects of the COVID-19 pandemic,” said Congressman Tom Reed (NY-23). “By deploying the federal capital employers need to weather this crisis, we can ensure our local economy will rebound stronger than ever. Congratulations to CCIDA in Chautauqua County; the Southern Tier Enterprise Development Organization in Salamanca; and the Regional Economic Development and Energy Corporation in Steuben on their work to aid small businesses and bolster economic stability in the community.”
“In recent weeks, I’ve met with employees and owners who have worked to slowly and safely reopen small businesses in Central New York,” said Congressman John Katko (NY-24). “From our conversations, I’ve been inspired by their resiliency and continued commitment to our community, despite the unprecedented challenges they’ve faced during the ongoing pandemic. Today I’m pleased to announce the Central New York Regional Planning and Development Board has received $1.2 million in funds through the EDA’s CARES Act Recovery Assistance Program. With these funds, the Board will administer a Revolving Loan Fund and provide critical assistance to local small businesses that are struggling as a result of the pandemic. Working across party lines in Congress, I will continue to push for bipartisan measures that ensure small businesses have the necessary relief to not only survive this crisis, but grow in our community.”
“Western New York small businesses have been hit hard by the pandemic and some don’t know where to turn for help,” said Congressman Brian Higgins (NY-26). “This federal EDA investment in Western New York’s economy, including $6.137 million available to small businesses in Erie and Niagara Counties combined, will help local entrepreneurs struggling to access the resources to get through this difficult time.”
The EDA investments announced today are:
- County of Chautauqua Industrial Development Agency, Jamestown, New York, will receive a $10.5 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide loans to coronavirus-impacted businesses in Chautauqua County, New York.
- Erie County Industrial Development Agency, Buffalo, New York, will receive a $5.4 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in Erie County, New York.
- Central New York Regional Planning and Development Board, Syracuse, New York, will receive a $1.2 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in Cayuga, Cortland, Madison, Onondaga, and Oswego counties.
- Niagara County Industrial Development Authority, Sanborn, New York, will receive a $737,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in Niagara County, New York.
- Southern Tier Enterprise Development Organization, Salamanca, New York, will receive a $660,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide loans to coronavirus-impacted businesses in Allegany, Cattaraugus, and Chautauqua counties.
- Regional Economic Development and Energy Corporation, Steuben, New York, 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 Chemung, Schuyler, and Steuben 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.