U.S. Department of Commerce Invests $1.76 Million in CARES Act Recovery Assistance to Capitalize Revolving Loan Fund to Serve Businesses Across 24 Oklahoma Counties
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $1.76 million CARES Act Recovery Assistance grant to Southwestern Intermediary Finance Team, Inc. (SWIFT), Weatherford, Oklahoma, to capitalize and administer a Revolving Loan Fund (RLF) that will provide critical gap financing to businesses adversely affected by the coronavirus pandemic across 24 Oklahoma counties. The EDA grant will be matched with $440,000 in local investment.
“EDA is committed to helping communities across the nation fight economic hardships brought on by COVID-19,” said Dennis Alvord, Acting Assistant Secretary of Commerce for Economic Development. “SWIFT’s Revolving Loan Fund will provide funding to help Oklahoma small businesses recover from the coronavirus pandemic.”
“I am glad to see the EDA is awarding a $1.76 million grant to help small businesses across 24 Oklahoma counties recover from the COVID-19 pandemic,” said Senator Jim Inhofe. “Small businesses are the lifeblood of Oklahoma communities and I will not stop advocating for them as we continue to navigate the pandemic and rebuild our economy.”
“I am proud of local leaders that are working to help their fellow Oklahomans during this difficult time. This grant comes at a crucial time as local business leaders are working to provide opportunities for their fellow neighbors,” said Congressman Frank Lucas (OK-03). “I commend Southwestern Intermediary Finance Team, Inc. (SWIFT) for their work and for providing resources that Southwest Oklahoma needs to rebound from the economic effects of the coronavirus pandemic. As funds from the CARES Act continue to be distributed, it is imperative that these targeted and deliberative resources get into the hands of those that need it most.”
The SWIFT RLF will serve businesses in Beaver, Beckham, Caddo, Canadian, Cimarron, Comanche, Cotton, Custer, Dewey, Ellis, Grady, Greer, Harmon, Harper, Jackson, Jefferson, Kiowa, Roger Mills, Stephens, Texas, Tillman, Washita, Woods, and Woodward counties.
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.