U.S. Department of Commerce Invests $12 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small Businesses Across Georgia Respond to Coronavirus
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $12 million in CARES Act Recovery Assistance grants to capitalize and administer Revolving Loan Funds (RLFs) that will provide critical gap financing to small businesses and entrepreneurs in Georgia that have been adversely affected by the coronavirus pandemic.
“President Trump is working diligently every day to support our nation’s economy following the impacts of COVID-19 through the CARES Act,” said Secretary of Commerce Wilbur Ross. “These investments will provide small businesses across Georgia with the necessary capital to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient state economy for the future.”
“These investments come at a crucial time to help Georgia’s and our nation’s economy come roaring back and provide hard-working Americans with new opportunities,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “Small businesses are the lifeblood of our communities, and EDA is pleased to invest these CARES Act funds so that Georgia businesses have access to capital to respond to the coronavirus pandemic.”
“The Trump Administration has taken unprecedented action to protect the American people in the midst of the COVID-19 crisis,” said Senator David Perdue. “We shut the economy down – something we’ve never done before – to keep people healthy, and now we’re working to safely reopen. These CARES Act funds will help small businesses continue to weather this crisis and support their communities.”
“Small businesses employ half of all Americans and have been among the hardest hit by the coronavirus pandemic,” said Senator Kelly Loeffler. “These grants, provided by the CARES Act, will help small businesses across Georgia keep employees on payroll and not only survive these difficult times, but emerge stronger than before. I appreciate President Trump, Secretary Ross and Assistant Secretary Gartzke’s commitment to supporting Georgia’s small businesses and the roughly 1.7 million Georgians they employ.”
“The Second Congressional District was one of the first hot spots for coronavirus and needless to say the virus had a horrific impact on small businesses throughout the region,” said Congressman Sanford Bishop, Jr. (GA-02). “I am proud that our hard work in the Appropriations Committee has resulted in these investments in Middle and Southwest Georgia. Small businesses are the heart and soul of our communities and the CARES Act Recovery Assistance Grants will help revitalize them as we continue to battle the coronavirus pandemic.”
“As COVID-19 continues to impact small businesses throughout Georgia and the rest of the country, I’m pleased that the Department of Commerce’s Economic Development Administration is working to provide these businesses with much-needed capital,” said Congressman Austin Scott (GA-08). “Revolving Loan Funds, made possible by CARES Act Recovery Assistance grants, will help impacted businesses and encourage job growth and creation throughout Georgia’s Eight District. I encourage businesses to reach out to their Regional Commission for more information or to my office should they need additional assistance.”
“Small businesses throughout Georgia’s 12th District have been impacted by COVID-19 and I’m glad to see the CARES Act, which I was proud to support in the House, support our workers and job creators,” said Congressman Rick W. Allen (GA-12). “This investment into the CSRA Resource Development Agency is vital to our community’s economic recovery, and I thank President Trump and his Administration for their continued commitment to our small businesses during this time.”
The EDA investments announced today are:
- CSRA Resource Development Agency, Inc., Augusta, Georgia, will receive a $3.7 million EDA CARES Act Recovery Assistance grant to capitalize and administer a RLF that will provide relief loans to businesses impacted by the coronavirus pandemic by helping them retain employees, sustain operations, and support their communities. CSRA’s service area includes: Burke, Columbia, Glascock, Hancock, Jefferson, Jenkins, Lincoln, McDuffie, Richmond, Taliaferro, Warren, Washington and Wilkes counties.
- Middle Georgia Regional Commission, Macon, Georgia, will receive a $3.3 million EDA CARES Act Recovery Assistance grant to capitalize and administer a RLF to help impacted businesses in Baldwin, Bibb, Crawford, Houston, Jones, Monroe, Peach, Pulaski, Putnam, Twiggs, and Wilkinson counties with their capital needs as they respond to the coronavirus pandemic.
- Georgia Mountains Regional Development Commission, Gainesville, Georgia, will receive a $2.1 million EDA CARES Act Recovery Assistance grant to boost the region’s economy by capitalizing and administering a RLF to service businesses impacted by coronavirus in Banks, Dawson, Forsyth, Franklin, Habersham, Hall, Hart, Lumpkin, Rabun, Stephens, Towns, Union and White counties.
- River Valley Regional Development Center, Columbus, Georgia, will receive a $1 million EDA CARES Act Recovery Assistance grant to increase their capacity to assess the regional economic impact of the pandemic, strengthen the region’s economic resiliency, and accelerate recovery efforts by capitalizing and administering a RLF to service businesses impacted by coronavirus in Chattahoochee, Clay, Crisp, Dooly, Harris, Macon, Marion, Muscogee, Quitman, Randolph, Schley, Stewart, Sumter, Talbot, Taylor, and Webster counties.
- Southern Georgia Regional Commission, Valdosta, Georgia, will receive a $825,000 EDA CARES Act Recovery Assistance grant to encourage business development and job creation in the region by capitalizing and administering a RLF to service businesses in Atkinson, Bacon, Ben Hill, Berrien, Brantley, Brooks, Charlton, Clinch, Coffee, Cook, Echols, Irwin, Lanier, Lowndes, Pierce, Tift, Turner, and Ware counties.
- Northwest Georgia Regional Commission, Rome, Georgia, will receive a $550,000 EDA CARES Act Recovery Assistance grant to capitalizing and administering a RLF that will assist coronavirus impacted businesses in Bartow, Catoosa, Chattooga, Dade, Fannin, Floyd, Gilmer, Gordon, Haralson, Murray, Paulding, Pickens, Polk, Walker, and Whitfield counties in meeting their capital needs.
- Southwest Georgia Regional Commission, Camilla, Georgia, will receive a $550,000 EDA CARES Act Recovery Assistance grant to assist small manufacturing companies, manufacturing related services, tech-based businesses, and other businesses impacted by coronavirus by capitalizing and administering a RLF. The Commission’s service area includes: Baker, Calhoun, Colquitt, Decatur, Dougherty, Early, Grady, Lee, Miller, Mitchell, Seminole, Terrell, Thomas, and Worth counties.
These current EDA RLF grantees are some of the more than 850 existing, high-performing EDA RLF, Economic Development District, University Center, and Tribal grant recipients invited to apply for supplemental funding under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The CARES Act, signed into law by President Donald J. Trump, provides EDA with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to the coronavirus pandemic.
On May 7, Secretary Ross announced that EDA is accepting applications for CARES Act Recovery Assistance funding opportunities.
EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) (PDF) program, provides a wide-range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic. For complete information, please visit our recently updated EDA CARES Act Recovery Assistance page.
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.