U.S. Department of Commerce Invests $11.6 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small Businesses Across Kentucky Respond to Coronavirus
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $11.6 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 adversely affected by the coronavirus pandemic across Kentucky.
“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 Kentucky 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 Kentucky’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 Kentucky businesses have access to capital to respond to and recover from the coronavirus pandemic.”
“Small businesses are invaluable pillars in our communities,” said Governor Andy Beshear. “Our business owners have diligently followed guidelines and prioritized protecting their fellow Kentuckians. We can’t thank them enough for their help combatting COVID-19 and it is imperative we help them thoughtfully rebuild and stay economically resilient. Thank you to everyone who made this funding possible and for investing in Kentucky.”
“Kentucky’s small businesses are ready to lead our economic comeback, and I’m proud the CARES Act continues delivering assistance so they can do just that,” said Senate Majority Leader Mitch McConnell. “Our bold rescue legislation continues making a $12 billion impact across the Commonwealth, supporting Kentucky families, workers, small businesses, and healthcare heroes. This investment can help Main Street job creators weather this storm so Kentucky can grow once again. I’m grateful to President Trump and Secretary Ross for supporting Kentucky workers and small businesses.”
The EDA investments announced today are:
- Green River Area Development District, Owensboro, Kentucky, will receive a $3.6 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide loans to coronavirus-impacted businesses in Daviess, Hancock, Henderson, McLean, Ohio, Union, and Webster counties.
- Louisville-Jefferson County Metro Government, Louisville, Kentucky, will receive a $3.1 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in Jefferson County.
- Purchase Area Development District, Mayfield, Kentucky, will receive a $2.7 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in Ballard, Calloway, Carlisle, Fulton, Graves, Hickman, Marshall, and McCracken counties.
- Southeast Kentucky Economic Development Corporation, Somerset, Kentucky, will receive a $1.1 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide gap financing and loans to coronavirus-impacted businesses in Adair, Bath, Bell, Breathitt, Boyd, Carter, Casey, Clay, Clinton, Cumberland, Elliott, Estill, Floyd, Garrard, Green, Harlan, Jackson, Jessamine, Johnson, Knott, Knox, Laurel, Lawrence, Lee, Leslie, Letcher, Lincoln, Magoffin, Martin, McCreary, Menifee, Metcalfe, Monroe, Morgan, Owsley, Perry, Pike, Pulaski, Rockcastle, Rowan, Russell, Taylor, Wayne, Whitley, and Wolfe counties.
- Lincoln Trail Area Development District, Elizabethtown, Kentucky, will receive a $550,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in Breckinridge, Grayson, Hardin, Larue, Marion, Meade, Nelson, and Washington counties.
- Northern Kentucky Area Development District, Florence, Kentucky, will receive a $550,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in Boone, Campbell, Carroll, Gallatin, Grant, Kenton, Owen, and Pendleton 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.