U.S. Commerce Secretary Locke Announces $800,000 Recovery Act Grant to Create Jobs, Boost Development in Chicago, Illinois
August 28, 2009
Contact: Bryan Borlik, (202) 482-4085
WASHINGTON - U.S. Commerce Secretary Gary Locke today announced an $800,000 Economic Development Administration (EDA) grant to ACCION/Chicago, Inc., of Chicago, Ill., to establish a revolving loan fund for business micro lending in Cook County. The project, made possible because of the American Recovery and Reinvestment Act of 2009 (ARRA), is expected to create additional jobs and private investment in the region.
"The Obama Administration is committed to creating jobs, encouraging innovation and improving our nation's economic competitiveness," Locke said. "This grant will help leverage private sector investment and create jobs in the Chicago area by making loan capital available to small startup and expanding businesses that are unable to access conventional lending sources."
The Recovery Act was signed into law by President Obama on February 17, 2009. It is providing immediate relief for American families and jump-starting billions of dollars in new projects that are creating jobs, improving infrastructure and strengthening local economies.
The Department of Commerce is a voice for Main Street businesses. It focuses on creating jobs by fostering innovation and opening markets to U.S. products.
EDA is an agency within the U.S. Commerce Department and supports the economic development needs of distressed communities throughout the United States. Its mission is to lead the federal economic development agenda by promoting innovation and competitiveness and preparing American regions for growth and success in the worldwide economy.
Additional information on how EDA investments are helping distressed communities create a positive and sustainable economic future can be accessed at: http://www.eda.gov.