U.S. Department of Commerce Invests $2.4 Million in CARES Act Recovery Assistance to Establish a Revolving Loan Fund to Serve Coronavirus-Impacted Businesses in Northwest Ohio
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $2.4 million CARES Act Recovery Assistance grant to the Toledo-Lucas County Port Authority, Toledo, Ohio, to create a Revolving Loan Fund (RLF) that will provide critical gap financing to coronavirus-impacted small businesses in Lucas, Ottawa and Wood counties. This EDA grant, to be matched with $600,000 in local investment, is expected to create 50 jobs, retain 20 jobs, and generate $250,000 in private investment.
“EDA is committed to helping communities across the nation implement strategies to mitigate economic hardships brought on by the coronavirus pandemic,” said Dennis Alvord, Acting Assistant Secretary of Commerce for Economic Development. “This investment will provide a vital source of capital for small businesses in the Toledo region that are struggling to retain employees to continue operations and succeed long-term.”
“This $2.4 million federal grant is great news for Northwest Ohio,” said Senator Rob Portman. “This grant, provided through the CARES Act, will help small businesses in Lucas, Ottawa, and Wood counties that have been impacted by the coronavirus pandemic by providing them with support to bridge the gap in their finances until they can afford to make payments. This grant will also support small businesses’ efforts to retain and create jobs. I was proud to support the CARES Act last year, and I am glad to see that it continues to help local communities while we work to overcome this crisis and get back to normal.”
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.