U.S. Department of Commerce Invests $830,123 in CARES Act Recovery Assistance to Capitalize Revolving Loan Fund to Support Small Businesses in Southeast Nebraska
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $830,123 CARES Act Recovery Assistance grant to the Southeast Nebraska Development District, Lincoln, Nebraska, to capitalize and administer a Revolving Loan Fund, providing gap financing to small, local businesses in Butler, Fillmore, Gage, Jefferson, Johnson, Lancaster, Nemaha, Otoe, Pawnee, Polk, Richardson, Saline, Saunders, Seward, Thayer, and York counties. This EDA grant, to be matched with $207,531 in local investment, is expected to create 25 jobs and generate $2 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 Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This EDA investment in the Southeast Nebraska Development District will provide businesses with access to financing and will support economic recovery and resiliency, leading to new job opportunities and a stronger regional economy.”
“The COVID-19 pandemic was especially tough on our small businesses, many of which had to shut their doors for a time and are still struggling to hire workers,” said Senator Deb Fischer. “That’s why it’s good news that the Southeast Nebraska Development District will receive this investment through a grant program created by the 2020 CARES Act. These resources will go a long way toward helping our businesses owners access the capital they need to get back on their feet.”
This project was made possible by the regional planning efforts led by the Southeast Nebraska Development District (SENDD). EDA funds SENDD to bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment and create jobs.
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 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.