U.S. Department of Commerce Invests $8.6 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small Businesses Across Washington Respond to Coronavirus
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $8.6 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 that have been adversely affected by the coronavirus pandemic across Washington state.
“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 Washington 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 Washington’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 Washington businesses have access to capital to respond to and recover from the coronavirus pandemic.”
“Southwest Washington small businesses have been hit hard by the COVID-19 pandemic, and we must do everything we can to ensure they can survive,” said Congresswoman Jaime Herrera Beutler (WA-03). “I helped usher the CARES Act into law to ensure critical resources, like this small business support grant going to Cowlitz and Wahkiakum Counties, are being disbursed where they’re needed most.”
“This $8.6 million in funding for Washington state, including nearly $4 million for groups here in Eastern Washington, will make a significant impact in helping our economy recover after the impact of COVID-19,” said Congresswoman Cathy McMorris Rodgers (WA-05). “Thank you to President Trump, Secretary Ross, and the Economic Development Administration for prioritizing Washington state and providing certainty for our communities.”
The EDA investments announced today are:
- Innovate Washington Foundation (dba Ignite Northwest), Spokane, Washington, will a receive a $2.2 million EDA CARES Act Recovery Assistance grant to support business growth throughout Washington’s innovation economic sectors by capitalizing and administering an RLF to provide loans to coronavirus-impacted businesses in Spokane, Benton, Franklin, Stevens, Ferry, Pend Oreille, Whitman, Asotin, Columbia, Garfield, Benewah, Bonner, Boundary, Kootenai, and Shoshone counties.
- Tri-County Economic Development District, Colville, Washington, will receive a $1.7 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide loans to coronavirus-impacted businesses in Stevens, Ferry and Pend Oreille counties.
- Benton-Franklin Government Council, Richland, Washington, will receive a $1.5 million EDA CARES Act Recovery Assistance grant to provide gap financing to small businesses that have been heavily impacted by COVID-19 by capitalizing and administering an RLF in Benton and Franklin counties.
- The city of Tacoma, Washington, will receive a $1.3 million EDA CARES Act Recovery Assistance grant to provide small business that have been impacted by COVID-19 with lending and working capital by capitalizing and administering an RLF to provide loans to coronavirus-impacted businesses in the city of Tacoma.
- NDC Economic Development Lending, Inc., New York, New York, will receive a $770,000 EDA CARES Act Recovery Assistance grant to provide low-cost financing to small businesses in Washington State impacted by COVID-19 by capitalizing and administering an RLF to provide loans to coronavirus-impacted businesses in Skagit, Clallam, Jefferson, Grays Harbor, Pacific and Wahkiakum counties.
- Cowlitz-Wahkiakum Council of Governments, Kelso, Washington, will receive a $594,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide loans to support businesses disproportionately impacted by the coronavirus pandemic in the city of Longview.
- The Port of Bellingham, Bellingham, Washington, will receive a $550,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will allow businesses in Whatcom county affected by COVID-19 to apply for attractive loans to support business expansion and contribute to the economic growth of the region.
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.Tax Cuts and Jobs Act Opportunity Zone Opportunity Zones as an Investment Priority Tax Cuts and Jobs Act of 2017, Opportunity Zones Investment Priority Opportunity Zones webpage Opportunity Now resources page here White House Opportunity and Revitalization Council Report (PDF) (Pub. L. 116-20) (PDF) Economic Adjustment Assistance (EAA) Program (PDF) Robert T. Stafford Act Disaster Supplemental webpage The project, to be located in a Tax Cuts and Jobs Act designated Opportunity Zone,
This project is funded under the Assistance to Coal Communities (ACC) program, through which EDA awards funds on a competitive basis to assist communities severely impacted by the declining use of coal through activities and programs that support economic diversification, job creation, capital investment, workforce development, and re-employment opportunities.
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.