U.S. Department of Commerce Invests More Than $1.2 Million to Assist Small Businesses in Riverside, California
Contact: Public Affairs Department, (202) 482-4085
Wednesday, September 30, 2015
WASHINGTON – U.S. Secretary of Commerce Penny Pritzker today announced the Department’s Economic Development Administration (EDA) is awarding more than $1.2 million grant to the County of Riverside Economic Development Agency. The funds will allow the grantee to establish the Riverside County Small Business Financial Assistance Program, a revolving loan fund (RLF) that will support businesses struggling to secure capital. According to the grantee, this RLF will provide loans to 10 businesses in its initial stages, which will help create jobs in the more disadvantaged areas of the county.
“Small businesses are the backbone of our country and are crucial to our nation’s economy,” said Secretary Pritzker. “The EDA investment announced today will enable businesses who might not otherwise be able to secure funding receive capital.”
The Riverside County Small Business Financial Assistance Program will assist businesses by providing microloans up to $50,000, which are typically very difficult to obtain. EDA’s RLF program is designed to support businesses that are unable to get traditional loans from banks or other lenders due wariness over potential risk or market conditions in distressed communities.
About the U.S. Economic Development Administration (www.eda.gov)
The Economic Development Administration marks 50 years of public service, leading 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.