U.S. Department of Commerce Invests $10.3 Million in CARES Act Funding to Capitalize Revolving Loan Fund to Help Small Businesses Across West Virginia Respond to Coronavirus
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $10.3 million EDA CARES Act Recovery Assistance grant to the West Virginia Economic Development Authority, Charleston, West Virginia, to capitalize and administer a Revolving Loan Fund (RLF) that will provide critical capital financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic across West Virginia.
“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. “This investment will provide small businesses in West Virginia with the necessary capital to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient regional economy for the future.”
“This investment comes at a crucial time to help West Virginia’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 in the West Virginia Economic Development Authority to capitalize and administer an RLF that will serve coronavirus-impacted businesses across West Virginia.”
“I’ve said many times that President Trump is the best friend West Virginia has ever had in the White House and this is another example of how his entire team is fighting for our state,” said Governor Jim Justice. “The funding announced today by the U.S. EDA is going to be such a blessing to so many hardworking West Virginians. Our small businesses and entrepreneurs truly are the drivers of our economy. Their success is our success. I’ve been so proud to be able to give out millions of dollars through my West Virginia CARES Act Small Business Grant Program, but we are always looking to do more and that’s exactly what this additional funding is going to do. I could not be happier.”
“Small businesses and entrepreneurs across West Virginia have been hit hard by the COVID-19 pandemic, hurting communities and families across our state,” said Senator Joe Manchin. “I am pleased the EDA is investing $10.3 million to support pandemic recovery efforts for businesses through the West Virginia Economic Development Authority. Small businesses and entrepreneurs are the backbone of our economy and they need a helping hand during these difficult times. This funding will give our businesses the assistance needed to get back on their feet and contribute to the state’s economy in the years to come as we recover from the virus.”
“This funding is fantastic news for small business owners still weathering the effects of COVID-19,” said Senator Shelley Moore Capito. “The EDA has been a valuable partner in spurring economic growth in our state. Their investments have paid off and have resulted in the development of a pipeline of projects that have and will continue to lead to job retention and creation across West Virginia. I’ll continue working with the EDA to help drive funding like this to West Virginia and deliver results that contribute to a brighter economic future for our state.”
“The CARES Act provides a lifeline to small businesses with forgivable loans through the Paycheck Protection Program and other resources,” said Congressman David McKinley (WV-01). “This investment is vital in helping West Virginia small businesses rebuild and recover from the impact of the COVID-19 pandemic. Small businesses are the heart of our communities and their success is essential to our economic growth.”
“I was proud to work with President Trump to enact the CARES Act,” said Congressman Alex Mooney (WV-02). “I’m glad CARES Act funds have been awarded to the West Virginia Economic Development Authority to assist small businesses, who have been especially hard hit due to the COVID-19 outbreak and forced government closures.”
The West Virginia Economic Development Authority, a current EDA RLF grantee, is one of the more than 850 existing, high-performing EDA Economic Development District, University Center, Tribal, and RLF 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.