U.S. Department of Commerce Invests $1 Million to Recapitalize Humboldt County Business Revolving Loan Fund
Contact: EDA Public Affairs Department, (202) 482-4085
August 9, 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 Redwood Economic Development Commission of Eureka, Calif., to recapitalize a Revolving Loan Fund (RLF) for the County of Humboldt.
“Small and medium-sized 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 in Humboldt County that might otherwise be unable to secure essential funding.”
“The Redwood Economic Development Commission provides vital support for local businesses across Humboldt County and encourages economic growth and opportunity throughout the community,” said U.S. Representative Jared Huffman. “I am grateful to see the EDA support economic success in my district with this much-needed federal funding.”
The RLF offers credit capital to entrepreneurs and small and medium-sized businesses in the manufacturing, trade, tourism and service sectors to help them expand their businesses, purchase equipment, improve efficiency, and meet regulatory requirements, which will spur economic growth and job creation 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. To learn more about EDA, visit www.eda.gov.