U.S. Department of Commerce Invests $800,000 in CARES Act Recovery Assistance to Capitalize Revolving Loan Fund to Serve Businesses in Albany County, Wyoming
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding an $800,000 CARES Act Recovery Assistance grant to Laramie Chamber Business Alliance, Laramie, Wyoming, to capitalize and administer a Revolving Loan Fund (RLF) that will provide critical gap financing to businesses adversely affected by the coronavirus pandemic in Albany County. The EDA grant, to be matched with $200,000 in local investment, is expected to generate $1.5 million in private investment.
“The Economic Development Administration 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 the resources that Albany County businesses need to rebound and build back stronger from the coronavirus pandemic.”
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.