Commerce Department Invests in Delaware's Economy through Revolving Load Fund
June 25, 2010
Contact: John Atwood, (202) 482-4085
EDA Global Climate Change Mitigation Incentive Fund Grant Expected to Accelerate Job Creation
WASHINGTON - The U.S. Commerce Department's Economic Development Administration (EDA) today announced a $500,000 grant to the Delaware Economic Development Office (DEDO) of Dover, Delaware to capitalize a new, statewide Renewable Energy Facilities Revolving Loan Fund (RLF). The project is expected to create 200 jobs and generate private investment, according to grantee estimates.
"This EDA grant will help Delaware diversify its economy to stimulate job growth," said U.S. Assistant Secretary of Commerce for Economic Development John R. Fernandez. "The revolving loan fund will provide the critical gap financing needed to grow Delaware businesses associated with the emerging clean technology and renewable energy sectors."
"Due to the economic recession, small businesses, which provide most of the employment in the region, cannot access small loans to continue operation and growing," said Alan Levin, the DEDO Director. "The EDA funds will be used to make loans to small businesses in the region."
About the U.S. Economic Development Administration (www.eda.gov):
This year, the U.S. Economic Development Administration (EDA) marks 45 years of public service, with a mission of 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.