U.S. Department of Commerce Invests $800,000 in American Rescue Plan Funds to Capitalize Revolving Loan Fund to Serve Small Businesses in Southwest Wisconsin
WASHINGTON – Today, U.S. Secretary of Commerce Gina M. Raimondo announced the Department’s Economic Development Administration (EDA) is awarding an $800,000 grant to the Southwestern Wisconsin Regional Planning Commission, Platteville, Wisconsin, to capitalize and administer a Revolving Loan Fund. This grant is funded by the American Rescue Plan.
This grant will provide gap financing to small, local businesses in Grant, Green, Iowa, Lafayette, and Richland counties to help them recover, grow, and create new employment opportunities. The EDA investment will be matched with $200,000 in local funds and is expected to create 75 jobs, retain 30 jobs and generate $5 million in private investment.
“President Biden’s American Rescue Plan provides direct support to our communities as they build a better America and address a changing economy,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “The Southwestern Wisconsin Regional Planning Commission’s new Revolving Loan Fund will provide much-needed capital to small businesses and entrepreneurs leading to additional jobs and a stronger, more robust regional economy.”
“Wisconsin’s small businesses are the hearts of our main streets and are critical economic drivers for our local and state economies, which is why I’m proud we’ve been national leaders in using a significant share of federal relief funds toward supporting economic development and small businesses across our state,” said Governor Tony Evers. “Our small businesses, including in southwest Wisconsin, have shown amazing resilience and ingenuity over the past two years, and this $800,000 grant will help continue to support these efforts. I want to thank the Biden Administration, as well as the Southwestern Wisconsin Regional Planning Commission, for making this happen.”
“I voted for the American Rescue Plan because it delivers support for Wisconsin’s small businesses and this federal investment from the Biden Administration will help us continue moving our economy forward,” said Senator Tammy Baldwin. “I am proud to help deliver these resources for the Southwestern Wisconsin Regional Planning Commission because they do such a great job helping build a stronger, more resilient economy in rural Wisconsin.”
“I was proud to vote for the American Rescue Plan in order to boost our economy and help hardworking families get back on their feet, and I'm glad to see this law continue to deliver for communities across our state,” said Congressman Ron Kind (WI-03). “The new Revolving Loan Fund from the Southwestern Wisconsin Regional Planning Commission will be a critical tool to support small businesses, strengthening our local economies and creating new job opportunities for Wisconsinites.”
This project was made possible by the regional planning efforts led by the Southwestern Wisconsin Regional Planning Commission (SWWRPC). EDA funds SWWPRC 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 EDA’s American Rescue Plan Economic Adjustment Assistance program, which makes $500 million in Economic Adjustment Assistance grants available to American communities. The Economic Adjustment Assistance program is EDA’s most flexible program, and grants made under this program will help hundreds of communities across the nation plan, build, innovate, and put people back to work through construction or non-construction projects designed to meet local needs.
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.