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Loan funds offer critical gap financing to small businesses, entrepreneurs

The CARES Act, signed into law by President Donald J. Trump, provides the Economic Development Administration with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to the coronavirus pandemic.

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Contributed / Metro Newspaper Service
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STAPLES — Region Five Development Commission will receive a $1.6 million Economic Development Administration CARES Act Recovery Assistance grant to capitalize and administer revolving loan funds.

The loan funds will provide critical gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic in Crow Wing, Cass, Morrison, Todd, and Wadena counties, according to a news release.

“These investments come at a crucial time to help Minnesota’s and our nation’s economy come roaring back and provide hard-working Americans with new opportunities,” said Dana Gartzke, performing the delegated duties of the assistant secretary of commerce for economic development, in the release. “Small businesses are the lifeblood of our communities, and EDA is pleased to invest these CARES Act funds so that Minnesota businesses have access to capital to respond to and recover from the coronavirus pandemic.”

These current Economic Development Administration funds grantees are some of the more than 850 existing, high-performing administration funds, Economic Development District, University Center and Tribal grant recipients invited to apply for supplemental funding under the Coronavirus Aid, Relief and Economic Security Act.

The CARES Act, signed into law by President Donald J. Trump, provides the Economic Development Administration with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to the coronavirus pandemic.

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EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s Economic Adjustment Assistance 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.

For complete information, visit the recently updated EDA CARES Act Recovery Assistance page. For more information, go to www.eda.gov and www.regionfive.org

Related Topics: CORONAVIRUS
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