April 8, 2021

U.S. Department of Commerce Invests $2 Million in CARES Act Recovery Assistance to Establish Revolving Loan Fund to Assist Small Businesses in Berwyn, Illinois

WASHINGTON – Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $2 million CARES Act Recovery Assistance grant to the Berwyn Development Corporation, Berwyn, Illinois, to capitalize a Revolving Loan Fund that will provide critical gap financing to small businesses in the Chicago suburb. This EDA grant, to be matched with $500,000 in local investment, is expected to create 250 jobs, retain 100 jobs, and generate $35 million in private investment.

“President Biden is committed to helping small businesses bounce back from the impacts of the coronavirus pandemic,” said Secretary of Commerce Gina Raimondo. “This EDA investment in the Berwyn Development Corporation gives business owners an immediate, flexible, and accessible source of financing to build back and be more successful moving forward.”

“The Economic Development Administration is at the forefront of helping communities recover and respond to the economic impact of the pandemic,” said Dennis Alvord, Acting Assistant Secretary of Commerce for Economic Development. “Berwyn business owners can access critical capital through this Revolving Loan Fund to put them back on track and on a path to further growth.”

“These grants will be critical in ensuring small businesses in Berwyn can recover from the economic impacts of the COVID-19 pandemic, and I applaud the Economic Development Administration for making these resources available,” said Governor JB Pritzker. “I’m proud that Illinois has led the nation in using CARES Act dollars to support small businesses and lift up working families and I look forward to our continued partnership with the Biden administration to rebuild our economy.”

“As we continue to grapple with the economic consequences of the COVID-19 pandemic, we must ensure that small businesses are not left behind,” said Senator Dick Durbin. “That’s why we pushed for EDA investments like this in our federal relief efforts. I’ll continue advocating for federal resources to help families and small businesses throughout this pandemic and beyond.”

“Our local communities and small businesses have been hit hard by this pandemic, but federal investments like these are what we need to create opportunities that spur economic development as we start to recover from the impacts of COVID-19,” said Senator Tammy Duckworth. “I will keep working to help secure additional investments that strengthen local economies across our state.”

This project is funded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136 PDF), which provided EDA with $1.5 billion for economic assistance programs to help communities prevent, prepare for, and respond to coronavirus. 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.

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.