U.S. Department of Commerce Invests $22.8 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small Businesses Across Eastern New York Respond to Coronavirus
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $22.8 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 Eastern New York.
“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 Eastern New York 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 Eastern New York’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 Eastern New York businesses have access to capital to respond to and recover from the coronavirus pandemic.”
“Our small businesses have been hit hard by the pandemic,” said Congressman Anthony Brindisi (NY-22). “As our main streets continue to re-open, I am working with Democrats, Republicans, and the Administration to deliver crucial relief for small businesses. These federal dollars, provided through the bipartisan CARES Act, will strengthen our recovery and help get our economy back on track. There’s no place for partisan politics during a crisis and I will continue to work with anyone to get our region the resources we need to not just survive, but thrive.”
The EDA investments announced today are:
- Albany County Business Development Corporation, Albany, New York, will receive a $8.7 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide loans to coronavirus-impacted businesses in Albany County, New York.
- Long Island Development Corporation, Hauppauge, New York, will receive a $7.2 million grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in Nassau and Suffolk counties.
- Lake Champlain – Lake George Regional Planning Board, Warren, NY will receive a $3.2 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in Clinton, Essex, Hamilton, Warren, Washington, Jefferson, Lewis, and St. Lawrence counties.
- Mohawk Valley Economic Development District, Mohawk, New York, will receive a $3 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide low interest loans to coronavirus-impacted small businesses in Montgomery, Fulton, Oneida, Herkimer, Otsego and Schoharie counties.
- Greater Jamaica Development Corporation, Jamaica, New York, will receive a $759,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in Queens/Southeast Queens County in New York.
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.