U.S. EDA Invests to Capitalize Regional Revolving Loan Fund to Support Business Expansions in Northern Utah
July 28, 2011
Contact: John Atwood, (202) 482-4085
WASHINGTON - The U.S. Commerce Department's Economic Development Administration (EDA) today announced a $300,000 grant to the Mountainland Association of Governments of Orem, Utah to capitalize a revolving loan fund that will support business development in Northern Utah.
"The Obama administration is committed to providing communities with the resources they need to foster job creation and business growth," said U.S. Assistant Secretary of Commerce for Economic Development John Fernandez. "With this EDA grant, Mountainland Association of Governments will provide gap financing for start-up and existing businesses within Summit, Utah, and Wasatch counties."
"As banks have tightened their lending guidelines, local companies are finding it increasingly difficult to get the financing they need to start up or expand their business. This Revolving Loan Fund is an important economic development tool in our region as it will provide access to financing that otherwise would not be accessible to these business," stated Andrew Jackson, Executive Director for Mountainland Association of Governments.
The RLF will seek to promote business development and job creation within Summit, Utah, and Wasatch counties by providing gap financing for start-up and existing businesses. The RLF will provide business loans to start-ups and existing businesses in the region.
About the U.S. Economic Development Administration:
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 makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation and accelerate long-term sustainable economic growth.