U.S. Department of Commerce Invests $750,000 to Create Jobs, Strengthen Economy in Illinois and Iowa Bi-State Region
March 9, 2010
Contact: John Atwood, (202) 482-4085
EDA Grant Expected to Create 64 Jobs and Generate $2 million in Private Investment, According to Grantee Estimates
WASHINGTON - The U.S. Commerce Department's Economic Development Administration (EDA) today announced a $750,000 grant to the Bi-State Regional Commission of Rock Island, Ill., to help fund a revolving loan fund to provide gap financing to businesses located in Mercer County, Ill., and Muscatine County, Iowa, to assist in the economic recovery from the 2008 flood disaster. The project is expected to create 64 jobs and generate $2 million in private investment in the initial round of lending, according to grantee estimates.
"Economic recovery and growth are top priorities for the Obama Administration," said U.S. Assistant Secretary of Commerce for Economic Development John R. Fernandez. "This EDA grant will accelerate innovation and strengthen the local economy by providing much needed gap financing to new and existing businesses located in the flood-impacted area."
"The Mercer-Muscatine revolving loan fund will create jobs by fostering partnerships among lenders, local governments and businesses," said Denise Bulat, Bi-State Regional Commission Executive Director. "With this gap finance tool in place, we foresee the opportunity to assist businesses from various industry sectors create jobs and stay competitive, while remaining or locating in the Midwest."
The Economic Development Administration marks 45 years of public service, leading the federal economic development agenda by promoting competitiveness and preparing American regions for growth and success in the worldwide economy. EDA is an agency within the U.S. Department of Commerce that partners with distressed communities throughout the United States to foster job creation, collaboration and innovation.
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.