U.S. Department of Commerce Invests $900,000 in American Rescue Plan Funds to Capitalize Revolving Loan Fund to Serve Small Businesses in Franklin County, Ohio
WASHINGTON – Today, the Department of Commerce’s Economic Development Administration (EDA) is awarding a $900,000 grant to the Columbus-Franklin County Finance Authority, Columbus, Ohio, to capitalize and administer a revolving loan fund that will serve small businesses. This grant is funded by the American Rescue Plan.
This grant will provide gap financing to help small, local businesses recover, grow and create new employment opportunities in the city of Columbus and throughout Franklin County. The EDA investment will be matched with $540,000 in local funds and is expected to create 40 jobs, retain 80 jobs and generate $400,000 in private investment, according to grantee estimates.
“The Economic Development Administration plays an important role in supporting locally-driven strategies designed to stimulate entrepreneurial activity,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This Revolving Loan Fund will provide the capital that small businesses and entrepreneurs in Franklin County – especially minority- and women-owned businesses – need to grow and thrive.”
“Small, home-grown businesses are the backbone of Ohio’s economy and are anchors in so many communities,” said Senator Sherrod Brown. “Right now, many small businesses are facing unique challenges and thanks to the American Rescue Plan, we are investing in local businesses and ensuring that Ohio communities have the resources they need to create jobs and improve the lives of their residents.”
“With this funding, the American Rescue Plan is doing exactly what it was designed to do: support American jobs,” said Congresswoman Joyce Beatty (OH-03). “Local small businesses, particularly women and minority-owned businesses, have a demand for capital that is not being met by the private sector, and I am proud to see ARP funds authorized by Congressional Democrats and President Biden fill that vacuum here in Columbus.”
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. Effective May 26, 2022, EDA has officially closed all of its American Rescue Plan programs for applications. The $3 billion program funding will be awarded on a rolling basis through September 30, 2022.
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.