U.S. Department of Commerce Invests $3 Million in CARES Act Recovery Assistance to Capitalize Revolving Loan Fund to Serve Small Businesses in Northwest and Central Oklahoma
WASHINGTON – Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $3 million CARES Act Recovery Assistance grant to Southwestern Intermediary Finance Team, Inc. (SWIFT), Weatherford, Oklahoma, to capitalize and administer a Revolving Loan Fund to support small businesses in 23 counties.
Through this grant, SWIFT will provide working capital, entrepreneurial start-up costs, and other business costs to entrepreneurs and small businesses, supporting job growth and economic resiliency. Support will be provided to Beaver, Beckham, Canadian, Carter, Cimarron, Cleveland, Comanche, Cotton, Custer, Dewey, Ellis, Garvin, Grady, Harper, Logan, Marshall, Pontotoc, Roger Mills, Stephens, Texas, Washita, Woods, and Woodward counties.
“President Biden is committed to supporting small businesses by providing resources and tools needed to recover from the pandemic and build back stronger,” said Secretary of Commerce Gina M. Raimondo. “This EDA investment will provide critical financing to small businesses and entrepreneurs in Oklahoma, allowing them to start, grow, and expand their businesses and create a diverse, robust regional economy.”
“The Economic Development Administration works closely with regions to support economic development strategies focused on local communities as they build back from the pandemic,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This EDA investment will provide direct financial support to small businesses in Northwest and Central Oklahoma, allowing them to recover, grow, and create new job opportunities.”
“I want Oklahoma to be the most business friendly state in the nation, and that starts by supporting our small and local businesses,” said Governor Kevin Stitt. “I applaud the U.S. Department of Commerce for its recognition and investment in the future and growth of Oklahoma businesses.”
“We know that investing in local jobs and projects across the state is key to ensuring Oklahoma’s economy remains strong. I’m pleased the Economic Development Administration has awarded SWIFT a $3 million grant as the local organization continues to support and provide resources to countless small businesses across Oklahoma,” said Congressman Frank Lucas (OK-03). “The EDA’s CARES Act funding was designed by Congress to support job creation and fuel economic growth, and today’s grant announcement will continue to do just that. I thank the U.S. Department of Commerce and the Economic Development Administration for helping create more opportunities for Oklahoma, and I look forward to continuing to be a supporter of Oklahoma’s small businesses.”
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.