U.S. Department of Commerce Invests $8 Million in CARES Act Recovery Assistance to Establish Revolving Loan Fund to Help Small Businesses in Colorado, Respond to Coronavirus
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding an $8 million CARES Act Recovery Assistance grant to Colorado Lending Source, LTD, Denver, Colorado, to establish a Revolving Loan Fund (RLF) that will provide critical loans to small businesses and entrepreneurs adversely affected by the coronavirus pandemic across Colorado. The EDA grant is expected to help create or retain more than 575 jobs.
“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 the resources that Colorado needs to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient state economy for the future.”
“This investment comes at an important time to help Colorado and our nation’s economy recover and provide hard-working Americans with new opportunities,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “EDA is pleased to invest this CARES Act funding to make resources available to Colorado businesses to aid their recovery from these unprecedented challenges.
“These important federal resources will help provide COVID relief for Colorado’s small businesses as we work to build back stronger than before the pandemic,” said Governor Jared Polis. “We appreciate the federal support and continue to encourage everyone to shop locally online this year and to purchase the far superior Colorado-made products.”
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.