U.S. Department of Commerce Invests $3 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small Businesses Across Kansas Respond to Coronavirus
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $3 million in CARES Act Recovery Assistance grants to capitalize and administer Revolving Loan Funds (RLFs) that will provide critical gap financing to small businesses and entrepreneurs that have been adversely affected by the coronavirus pandemic across Kansas.
“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. “These investments will provide small businesses across Kansas with the necessary capital to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient state economy for the future.”
“These investments come at a crucial time to help Kansas’ and our nation’s economy come roaring back and provide hard-working Americans with new opportunities,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “Small businesses are the lifeblood of our communities, and EDA is pleased to invest these CARES Act funds so that Kansas businesses have access to capital to respond to and recover from the coronavirus pandemic.”
“Kansas small business owners and entrepreneurs across the state have stepped and are working overtime to recover from the economic impact of COVID-19,” said Governor Laura Kelly. “These investments will be critical to provide relief for our economy as we deal with the ongoing challenges from the pandemic.”
“As Chairman of the Appropriations Subcommittee on Commerce, Justice, Science, and Related Agencies, I will continue to support the ongoing and critical mission of the EDA to assist the economic activity of our communities, especially during this pandemic,” said Senator Jerry Moran. “These grants are an investment into small businesses across Kansas that support local jobs and provide invaluable resources to many communities across the region.”
“As I travel the state, many community leaders continue to emphasize the need for support for our businesses to ensure they survive the ongoing impacts of the pandemic and keep Kansans on the job and our Main Streets alive,” said Congressman Roger Marshall, M.D. (KS-01). “Through the CARES Act, President Trump and this administration continue to prioritize and support our business owners, ensuring jobs remain in our communities and our economy continues its regrowth.”
“Small businesses across Kansas are on track to come roaring back thanks to the CARES Act and actions taken to help stimulate small businesses during the recovery from the COVID-19 crisis,” said Congressman Steve Watkins (KS-02). “I am extremely proud to work side by side with President Trump in announcing these funds for Kansas and will continue to work on ensuring our communities come out stronger on the other side.”
The EDA investments announced today are:
- South Central Kansas Economic Development District, Inc. Wichita, Kansas, will receive a $1.9 million EDA CARES Act Recovery Assistance grant to provide gap financing to small business owners by capitalizing and administering an RLF to provide loans to coronavirus impacted businesses in Butler, Chautauqua, Cowley, Elk, Harper, Harvey, Greenwood, Kingman, Marion, McPherson, Rice, Reno, Sedgwick, and Sumner County counties.
- Southeast Kansas Regional Planning Commission, Chanute, Kansas, will receive a $572,000 EDA CARES Act Recovery Assistance grant to expand the body of work and the financing businesses of the Southeast Kansas region require to respond to the coronavirus pandemic by capitalizing and administering an RLF to provide loans to impacted businesses in Allen, Anderson, Bourbon, Cherokee, Coffey, Crawford, Labette, Linn, Montgomery, Neosho, Wilson, and Woodson counties.
- Northwest Kansas Planning & Development Commission, Hill City, Kansas, will receive a $550,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide impacted businesses in Cheyenne, Decatur, Rawlins, Norton, Phillips, Smith, Osborne, Rooks, Graham, Sheridan, Thomas, Sherman, Wallace, Logan, Gove, Trego, Ellis, and Russell counties with loans to help them respond to coronavirus.
These current EDA RLF grantees are some of the more than 850 existing, high-performing EDA RLF, Economic Development District, University Center, and Tribal grant recipients invited to apply for supplemental funding under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
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.
On May 7, Secretary Ross announced that EDA is accepting applications for CARES Act Recovery Assistance funding opportunities.
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.