U.S. Department of Commerce to Invest $2.7 Million in CARES Act Recovery Assistance to Establish Revolving Loan Fund to Serve Businesses in Fresno and San Luis Obispo Counties, California
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $2.7 million CARES Act Recovery Assistance grant to California Coastal Rural Development Corporation (CCRDC), Salinas, California, to establish and administer a Revolving Loan Fund (RLF) in support of coronavirus-impacted small businesses in Fresno and San Luis Obispo counties. The EDA grant will be matched with $675,000 in local funds, is expected to create 30 jobs, retain 200 jobs, and generate $2.5 million in private investment.
“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 new Revolving Loan Fund will diversify and boost the economies of Fresno and San Luis Obispo counties by providing critical gap financing to businesses throughout the region.”
“EDA is pleased to support the establishment of the CCRDC Small Business Revolving Loan Fund to help small businesses recover from economic injury caused by the coronavirus pandemic,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “Providing businesses in Fresno and San Luis Obispo counties with the resources they need to adapt will help the region’s economy come roaring back.”
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.
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.