U.S. Department of Commerce Invests $1.6 Million to Capitalize Revolving Loan Fund and Support Small Businesses in Montgomery, Alabama
WASHINGTON – Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $1.6 million grant to the South Central Alabama Development Commission in Montgomery, Alabama, to capitalize and administer a Revolving Loan Fund, providing gap financing to local small businesses. This EDA project will be matched with $400,000 in local funds.
“President Biden is committed to supporting new opportunities for business growth,” said Secretary of Commerce Gina M. Raimondo. “This EDA investment will establish a revolving loan fund that will provide small businesses in South Central Alabama with the financial assistance they need to rebuild and expand, creating good-paying jobs and a stronger regional economy.”
“The Economic Development Administration plays an important role in supporting locally-driven strategies designed to create economic opportunity,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This EDA investment will boost the availability of capital investment for small businesses, strengthen the local economy, and create and retain jobs.”
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 invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.