U.S. Department of Commerce Invests $1.1 Million in CARES Act Recovery Assistance to Capitalize Revolving Loan Fund to Support Small Businesses in Southeast Texas
WASHINGTON – Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $1.1 million CARES Act Recovery Assistance grant to the Gulf Coast Economic Development District, Inc., Houston, Texas, to capitalize and administer a revolving loan fund.
This grant will provide critical gap financing to support small businesses and entrepreneurs in Austin, Brazoria, Chambers, Colorado, Fort Bend, Galveston, Harris, Liberty, Matagorda, Montgomery, Walker, Waller, and Wharton counties.
“President Biden is dedicated to supporting small businesses as they recover and rebuild from the coronavirus pandemic,” said Secretary of Commerce Gina M. Raimondo. “This EDA investment will provide working capital, entrepreneurial start-up costs, and other business expenses for small businesses in the Houston-Galveston region, leading to a stronger, more diverse regional economy.”
“The Economic Development Administration plays an important role in supporting community-led economic development strategies designed to boost coronavirus recovery and response efforts,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This EDA investment will provide entrepreneurs in Southeast Texas with financial support to start and grow small businesses, creating jobs across the region.”
“Small businesses are the lifeline of the Texas economy, and they play an integral role in the success of our state,” said Governor Greg Abbott. “This assistance from the Economic Development Administration will help bolster the economy in Southeast Texas and help small businesses continue expanding as we unleash the full might of the Texas economy.”
“As Texans continue to recover from the effects of the pandemic, we must take steps to ensure that our communities are equipped to weather the storm,” said Senator John Cornyn. “I applaud this investment which will empower small businesses across Southeast Texas as they strengthen and diversify their local economies.”
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.