U.S. Department of Commerce Invests $800,000 in CARES Act Recovery Assistance to Capitalize Revolving Loan Fund to Serve Small Businesses in Utah
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding an $800,000 CARES Act Recovery Assistance grant to Mountainland Economic Development District, Orem, Utah, to capitalize and administer a revolving loan fund that will serve small businesses in Utah, Summit, and Wasatch counties.
This project will provide gap financing to help small, local businesses recover, grow, and create new employment opportunities. This EDA grant will be matched with $200,000 in local funds and is expected to create 45 jobs and generate $1.8 million 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 Utah need to grow and thrive.”
This project was made possible by the regional planning efforts led by the Mountainland Economic Development District (MEDD). EDA funds MEDD 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.