U.S. Department of Commerce Invests $4.2 Million in CARES Act Recovery Assistance to Support Pandemic Response and Resiliency Efforts in Louisiana
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding $4.2 million in CARES Act Recovery Assistance grants to help the state of Louisiana prevent, prepare for, and respond to coronavirus.
“EDA is committed to helping communities across Louisiana fight economic hardships brought on by COVID-19,” said Dennis Alvord, Acting Assistant Secretary of Commerce for Economic Development. “These EDA investments will directly address the urgent need to provide utility services to those isolating due to COVID-19 and support the long-term resiliency of small businesses throughout Louisiana.”
“This assistance will protect Louisianans from and respond to COVID-19,” said Senator Bill Cassidy, M.D. “These investments provide a helping hand to impacted small, rural, and urban businesses. They will help Louisiana come out on the other side of this pandemic.”
“It’s encouraging to see federal dollars from the CARES Act continue to flow to our communities that are experiencing economic distress related to the pandemic,” said Congressman Mike Johnson (LA-04). “I offer my gratitude once again to the businesses and workers that are helping our communities get through this difficult time, and I am grateful we have these resources to assist their efforts.”
The EDA investments announced today are:
- Louisiana State Parks and Recreation Commission, Baton Rouge, Louisiana, will receive $2.78 million to design and construct permanent sewer connections to serve approximately 567 existing campsites in nine Louisiana state parks that currently serve as COVID-19 travel trailer isolation centers. Louisiana State Parks facilities are a key resource used to assist both the state and federal governments during states of emergency, particularly the current COVID-19 Pandemic. Having full utility connections at campsites would provide a more stable platform for future emergency assistance. The project will be matched with $695,000 in local funds.
- TruFund Financial Services, Inc., New Orleans, Louisiana, will receive $880,000 to capitalize a Revolving Loan Fund (RLF) to address the economic development needs of small businesses and entrepreneurs adversely affected by the coronavirus pandemic in the Baton Rouge capital city region. The project, to be matched with $220,000 in local funds, is expected to create 75 jobs and retain 125 jobs.
- TruFund Financial Services, Inc., New Orleans, Louisiana, will receive $550,000 to capitalize a Revolving Loan Fund (RLF) to address the economic development needs of small businesses and entrepreneurs adversely affected by the pandemic in Avoyelles, Bienville, Bossier, Caldwell, Catahoula, Caddo, Claiborne, Concordia, DeSoto, East Carroll, Franklin, Grant, Jackson, LaSalle, Lincoln, Madison, Morehouse, Natchitoches, Ouachita, Rapides, Red River, Richland, Sabine, Tensas, Union, West Carroll, Webster, Winn and Vernon counties. The EDA grant will be matched with $137,500 in local funds.
This project is funded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136 PDF), which provided EDA with $1.5 billion for economic assistance programs to help communities prevent, prepare for, and respond to coronavirus. 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.
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.