U.S. Department of Commerce Invests $1 Million to Establish Revolving Loan Fund to Serve Small Businesses in Eastern Idaho
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1 million grant to the East-Central Idaho Planning & Development Association (ECIPDA) of Rexburg, Idaho, to establish a Revolving Loan Fund (RLF) to assist the growth of small businesses in Butte, Clark, Custer, Fremont, Jefferson, Lemhi, Madison and Teton counties. The EDA grant, to be matched with $428,571 in local funds, is expected to create 93 jobs and generate $2.85 million in private investment.
“President Trump is working diligently every day to support our nation’s small businesses,” said Secretary of Commerce Wilbur Ross. “By providing small businesses with the gap financing they need to recover and grow, this investment will create stronger and more economically resilient communities within the region.”
“EDA is pleased to support ECIPDA’s strategy to grow small businesses and equip local communities with the tools they need to be competitive,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “This RLF will enable eastern Idaho to generate new employment opportunities with competitive wages and benefits.”
“Small businesses - especially those in our rural communities - need as many resources available to them as possible right now, and this EDA grant is a welcome and needed boost to help our eastern Idaho small businesses grow and prosper,” said Governor Brad Little.
“The EDA grant to the East-Central Idaho Planning & Development Association will help provide resources to assist in the growth of small businesses in east Idaho,” said Senator Mike Crapo. “EDA grants continue to provide benefits to our state and I commend the Administration for its continued focus on growth and development in rural areas.”
“Small businesses throughout Idaho, especially in the rural areas of the state, are facing unprecedented hardships as they work to weather the COVID-19 pandemic,” said Senator James Risch. “This economic development grant will provide jobs and assistance to Eastern Idaho businesses at a crucial time, ensuring these rural communities have the tools and resources needed to recover and thrive.”
“ECIPDA is a true local gem of the economic development community, and I am pleased that their hard work supporting small businesses has been recognized by the U.S. Department of Commerce,” said Congressman Mike Simpson (ID-02). “Small businesses are the lifeblood of rural communities, and this grant funding for a Revolving Loan Fund could not have come at a better time. I am pleased to support President Trump’s economic development efforts, and I am eager to see how ECIPDA and businesses across Eastern Idaho leverage these funds to encourage job creation and economic stabilization in our region.”
This RLF will lead to commercial vitalization, stabilization, and diversification of local economies throughout East-Central Idaho. The funds will also be used to provide commercial capital to fund firms that will increase employment opportunities for residents of mostly rural communities.
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.