U.S. Department of Commerce Invests $1.8M to Establish Revolving Loan Fund to Assistant Businesses in Disaster-Impacted Northern California
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.8 million grant to 3CORE, Inc. of Chico, California, to establish a Revolving Loan Fund (RLF) to create stronger and more economically resilient communities in wildfire-impacted Butte, Glenn, and Tehama counties. The EDA grant, to be matched with $400,000 in local investment, is expected to create or retain 100 jobs and spur $6 million in private investment.
“The Trump Administration continues to work diligently to rebuild communities devastated by natural disasters, including those impacted by the Camp Fire that ravaged northern California in 2018,” said Secretary of Commerce Wilbur Ross. “By providing small businesses with gap financing to recover and grow, this investment will create stronger and more economically resilient communities within the region.”
“EDA plays an important role in catalyzing local strategies to help rural regions prepare for and recover from natural disasters,” said U.S. Assistant Secretary of Commerce for Economic Development Dr. John Fleming. “We are pleased to support northern California’s business community as they work to help expand and strengthen the economy following damage caused by wildfires.”
“This $1.8 million grant from EDA will help strengthen the recovering local businesses that suffered following the Camp and Carr Fires,” said Congressman Doug LaMalfa (CA-1). “One-hundred jobs and millions of dollars in private investment will be generated by this Revolving Loan Fund, drastically improving the situations of businesses and families who are still trying to get back on their feet. I was happy to support the legislation that authorized this grant early last year, which also included some provisions I authored. I’m grateful for the Trump Administration’s constant support helping the North State recover from wildfire damage.”
This project is funded by the Additional Supplemental Appropriations for Disaster Relief Act of 2019 (Pub. L. 116-20) (PDF), which provided EDA with $600 million in additional Economic Adjustment Assistance (EAA) Program funds for disaster relief and recovery for areas affected by Hurricanes Florence, Michael, and Lane, Typhoons Yutu and Mangkhut, wildfires, volcanic eruptions, and other major natural disasters occurring in calendar year 2018, and tornadoes and floods occurring in calendar year 2019, under the Robert T. Stafford Act. Please visit EDA’s Disaster Supplemental webpage.
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.