U.S. Department of Commerce Invests to Support Small Business Growth and Resiliency in California
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding an $880,000 grant to California Capital FDC of Sacramento, California, to capitalize a Revolving Loan Fund (RLF) and provide technical assistance to potential borrowers in the disaster-impacted counties of Sacramento, Yolo, Placer, El Dorado, and Nevada. This EDA grant will be matched with $220,000 in local funds, and is expected to help create 32 jobs, retain 56 jobs, and generate $2.3 million in private investment.
“President Trump is committed to providing small businesses with the tools necessary to recover quickly from natural disasters,” said U.S. Assistant Secretary of Commerce for Economic Development Dr. John Fleming. “The California Capital FDC Revolving Loan Fund will provide affordable loans to businesses that might not qualify for conventional financing to support their recovery and expansion plans.”
This project capitalizes a revolving loan fund in Sacramento, California, to help businesses in the impacted counties become more resilient to natural disasters such as winter storms, flooding, mudslides, and wildfires that affected the area in 2017.
This project is funded under the Bipartisan Budget Act of 2018 (PL 115-123) (PDF), in which Congress appropriated to EDA $600 million in additional Economic Adjustment Assistance (EAA) Program (PDF) funds for disaster relief and recovery as a result of Hurricanes Harvey, Irma, and Maria, wildfires and other calendar year 2017 natural disasters under the Stafford Act.
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.