U.S. Department of Commerce Invests $800,000 in American Rescue Plan Funds to Capitalize Revolving Loan Fund to Serve Small Businesses in West Central Indiana
Award is Part of the Department of Commerce’s $300 million Coal Communities Commitment
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding an $800,000 grant to Thrive West Central, Terre Haute, Indiana, to capitalize and administer a Revolving Loan Fund. This grant is funded by the American Rescue Plan and EDA’s $300 million Coal Communities Commitment.
This grant will provide gap financing to small, local businesses in Clay, Parke, Putnam, Sullivan, Vermillion, and Vigo 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 80 jobs, retain 45 jobs and generate $2 million in private investment, according to grantee estimates.
“The Economic Development Administration is pleased to support locally-driven strategies to boost business recovery efforts in Indiana,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “Thrive West Central’s Revolving Loan Fund will provide much-needed capital to small businesses and entrepreneurs in support of job growth and business expansion.”
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.
EDA’s Coal Communities Commitment allocates $300 million of EDA’s $3 billion American Rescue Plan appropriation to support coal communities as they recover from the pandemic and to help them create new jobs and opportunities, including through the creation or expansion of a new industry sector. Specifically, EDA has dedicated $100 million of its Build Back Better Regional Challenge funds and $200 million of its Economic Adjustment Assistance funds to directly support coal communities.
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.