U.S. Department of Commerce Invests $861,310 in CARES Act Recovery Assistance to Capitalize Revolving Loan Fund to Serve Small Businesses in Texas
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding an $861,310 CARES Act Recovery Assistance grant to South Plains Association of Governments, Lubbock, Texas, to capitalize and administer a Revolving Loan Fund that will serve small businesses in the Panhandle and Permian Basin regions.
This project will provide gap financing to help small, local businesses recover, grow, and create new employment opportunities.
“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 Texas need to grow and thrive.”
“Thank you to the Economic Development Administration for this investment in the Texas Panhandle and Permian Basin regions, which will support small business growth and development in the area,” said Governor Greg Abbott. “This grant will help provide financial resources for hardworking business owners and entrepreneurs in local communities as Texas small businesses continue to thrive.”
“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 the Panhandle and Permian Basin as they strengthen and diversify their local economies.”
This project was made possible by the regional planning efforts led by the South Plains Association of Governments (SPAG). EDA funds SPAG 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 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.