U.S. Department of Commerce Invests $1.6 Million in American Rescue Plan Funds to Support Small Businesses in Southwestern Oregon
WASHINGTON – Today, U.S. Secretary of Commerce Gina M. Raimondo announced the Department’s Economic Development Administration (EDA) is awarding a $1.6 million grant to CCD Business Development Corporation, Roseburg, Oregon, to capitalize and administer a Revolving Loan Fund. This grant is funded by the American Rescue Plan.
This grant will provide gap financing and business support to small businesses in Coos, Curry, and Douglas counties to help them recover, grow, and create new employment opportunities. This EDA investment will be matched with $400,000 in local investment and is expected to create or retain more than 30 jobs.
“President Biden is committed to providing businesses with the resources they need to recover from the economic impact of the coronavirus pandemic,” said Secretary of Commerce Gina M. Raimondo. “This EDA investment will deliver needed capital to small businesses and entrepreneurs in Southwestern Oregon, creating a stronger, more robust regional economy.”
“The Economic Development Administration is focused on supporting locally-driven strategies to boost coronavirus recovery and response efforts,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “The new Revolving Loan Fund being capitalized by the CCD Business Development Corporation will help ensure that local entrepreneurs have the resources they need to build a better America.”
“Oregon is a small business state, and the Covid-19 pandemic has hit rural Oregon communities particularly hard,” said Senator Ron Wyden. “This injection of funds will provide a much-appreciated jump start to generate job opportunities in Coos, Curry and Douglas counties that ripple out to the entire Southwestern Oregon economy so that Oregonians can get back to business.”
“So many small businesses were hugely impacted by the COVID-19 pandemic over the last two years, and this EDA grant is a great step toward restoring and rebuilding our communities in Southwest Oregon,” said Senator Jeff Merkley. “The employment opportunities and small business support created through this grant will contribute to restoring the regional economy and helping it continue to grow.”
“The American Rescue Plan continues to deliver in big ways for our national and local economies,” said Congressman Peter DeFazio (OR-04). “This funding will help support a number of small businesses in southwest Oregon retain workers and maintain their businesses. I’m proud to have worked with my colleagues in Congress and the Biden administration to deliver this needed funding to our community.”
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.