Press Release

U.S. Department of Commerce Invests $1 Million to Recapitalize Business Revolving Loan Fund in Gulfport, Mississippi

Contact: EDA Public Affairs Department, (202) 482-4085
June 2, 2016

WASHINGTON – U.S. Secretary of Commerce Penny Pritzker today announced that the Department’s Economic Development Administration (EDA) is awarding a $1 million grant to the Southern Mississippi Planning and Development District (SMPDD) of Gulfport, Mississippi, to recapitalize a Revolving Loan Fund (RLF) that provides low cost and flexible-term loans to small businesses.

“Small businesses are the backbone of our country and are crucial to our nation’s economy,” said Secretary Pritzker. “The EDA investment announced today fortifies a critical source of capital for small businesses that might otherwise be unable to secure essential funding.”

SMPDD’s EDA RLF Program loans range from $2,000 to $500,000 and may be used to start or expand business operations.

About the U.S. Economic Development Administration (www.eda.gov)
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.