U.S. Department of Commerce Invests $6.8 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small Businesses Across North 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 across North Dakota that have been adversely affected by the coronavirus pandemic.
“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 North 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 North 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 North Dakota businesses have access to capital to respond to and recover from the coronavirus pandemic.”
“Small businesses are the economic engine of North Dakota and our nation,” said Senator John Hoeven. “As North Dakota companies continue to weather the challenges of the COVID-19 pandemic, this funding from the CARES Act will provide small businesses with much-needed capital to help them support their employees, ensure the safety of their workers and operations and regain their footing as the economy safely reopens. We appreciate Secretary Ross and the administration for working to release these CARES Act funds.”
“North Dakota relies heavily on its strong and resilient small business community,” said Senator Kevin Cramer. “Today’s grants will provide assistance to owners and workers across North Dakota designed to help them bridge the gap and continue to reopen responsibly.”
The EDA investments announced today are:
- Lake Agassiz Regional Council, Fargo, North Dakota, will receive a $1.6 million EDA CARES Act Recovery Assistance grant to support small business development and economic resiliency by capitalizing and administering an RLF to service coronavirus-impacted businesses in Cass, Ransom, Richland, Sargent, Steele, and Traill counties.
- Grand Forks Growth Fund, a Jobs Development Authority, Grand Forks, North Dakota, will receive a $1.5 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF targeted to the needs of local businesses affected by the coronavirus pandemic in Grand Forks County.
- Souris Basin Planning Council, Minot, North Dakota, will receive a $1.4 million EDA CARES Act Recovery Assistance grant to provide low-interest financing and technical assistance to local businesses and entrepreneurs by capitalizing and administering an RLF to serve coronavirus-impacted businesses in Bottineau, Burke, McHenry, Mountrail, Pierce, Renville, and Ward counties.
- North Central Planning Council, Devils Lake, North Dakota will receive a $1.2 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to support small business impacted by coronavirus in Benson, Eddy, Cavalier, Ramsey, Rolette, and Towner counties.
- Lewis & Clark Regional Development Council, Mandan, North Dakota, will receive a $1.1 million EDA CARES Act Recovery Assistance grant to promote business development by providing loans to coronavirus-impacted businesses in their 10-county service area including: Burleigh, Emmons, Grant, Kidder, McLean, Mercer, Morton, Oliver, Sheridan, and Sioux 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.