U.S. Department of Commerce Invests $1 Million to Establish Small Business Revolving Loan Fund in North Carolina’s Piedmont Triad Region
Contact: EDA Public Affairs Department, (202) 482-4085
August 28, 2017
WASHINGTON – U.S. Secretary of Commerce Wilbur Ross today announced that the Department’s Economic Development Administration (EDA) is awarding a $1 million grant to the Piedmont Triad Regional Development Corporation of Kernersville, North Carolina, to establish a Revolving Loan Fund (RLF) that will provide small business loans across the 12-county Piedmont Triad region.
“We commend the Piedmont Triad Regional Development Corporation for their focus on aiding small businesses, allowing for better access to the capital they need to grow and thrive,” said Secretary of Commerce Wilbur Ross. “The efforts of local leaders have ensured that the new Revolving Loan Fund will be a catalyst for starting and expanding small and medium-sized businesses in the Piedmont region.”
The Revolving Loan Fund will provide much needed capital to promising startups and existing businesses that make downtowns attractive and provide employment opportunities to all residents in the community. The program will also provide incentive financing to larger employers to expand their operations or retain their local employees.
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.