U.S. Department of Commerce Invests $1.5 Million in CARES Act Recovery Assistance to Capitalize Revolving Loan Fund to Serve Small Businesses in Jefferson Parish, Louisiana
WASHINGTON – Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $1.5 million CARES Act Recovery Assistance grant to Jefferson Parish Economic Development and Port District (JEDCO), Avondale, Louisiana, to capitalize and administer a Revolving Loan Fund that will serve small businesses in Jefferson Parish.
This project will provide gap financing to help small, local businesses recover, grow, and create new employment opportunities.
“President Biden is committed to providing businesses with the resources they need to recover from the economic impact of the coronavirus pandemic,” said Secretary of Commerce Gina Raimondo. “This EDA investment will provide needed capital to small businesses and entrepreneurs in southeast Louisiana, creating a stronger, more robust regional economy.”
“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 Jefferson Parish need to grow and thrive.”
“As a lifelong Louisianian and a member of the House Small Business Committee, I know that small businesses are at the heart of Louisiana’s economy. That is why it is critical that the federal government help them recover, rebuild, and create new, good jobs for the community,” said Congressman Troy A. Carter, Sr (LA-02). “This Congressionally-allocated $1.5 million Revolving Loan Fund will help entrepreneurs in Jefferson Parish overcome one of the biggest challenges for small businesses: accessing the capitol they need to kick off or grow their enterprises. Today’s announcement once again demonstrates that the Biden Administration is strong ally for small business and for the people of southeast Louisiana.”
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.