U.S. Department of Commerce Invests $4 Million in CARES Act Recovery Assistance to Create Revolving Loan Fund for Small Businesses Across Wyoming
WASHINGTON – Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $4 million CARES Act Recovery Assistance grant to Rural Development Fund, Casper, Wyoming, to capitalize and administer a Revolving Loan Fund (RLF) to provide critical gap financing to small businesses economically impacted by the coronavirus pandemic in the state of Wyoming. This EDA grant will be matched with $1 million in local investment, and is expected to create 200 jobs, retain 50 jobs, and generate $60 million in private investment.
“The Biden Administration is dedicated to supporting small businesses as they recover and build back better from the coronavirus,” said Secretary of Commerce Gina Raimondo. “This EDA investment in the Rural Development Fund will provide small businesses across the state of Wyoming with the financial assistance to rebuild and expand, creating more jobs and a stronger regional economy.”
“The Economic Development Administration plays an important role in supporting community-led economic development strategies designed to boost coronavirus recovery and response efforts,” said Dennis Alvord, Acting Assistant Secretary of Commerce for Economic Development. “Small businesses in Wyoming will benefit from the increased accessibility to funds to ensure their businesses can continue to operate and grow into the future.”
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.