U.S. Department of Commerce Invests $22 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small Businesses Across Mississippi Respond to Coronavirus
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $22 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 Mississippi.
“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 Mississippi 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 Mississippi’s 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 Mississippi businesses have access to capital to respond to and recover from the coronavirus pandemic.”
“Small businesses are the backbone of our economy,” said Governor Tate Reeves. “The weight of this unprecedented pandemic has left many struggling to keep their doors open, creating uncertainty for entire communities across our state. We are truly grateful for President Trump and Secretary Ross for this tremendous $22 million investment to help us take care of our small businesses and get people back on their feet. Thanks to the ongoing support of this Administration, we will emerge stronger.”
“Many small businesses in Mississippi need additional assistance to recover from the coronavirus crisis,” said Senator Roger Wicker. “These CARES Act funds will provide more loans so that job creators can keep workers on their payrolls. I appreciate Secretary Ross and the Economic Development Administration for making this needed investment in our state.”
“Recapitalizing revolving loan programs serving almost 60 counties gives small businesses in much of Mississippi access to another lifeline as they fight to rebound from this pandemic,” said Senator Cindy Hyde-Smith. “The CARES Act continues to influence how Mississippi’s economy weathers the downturn, and I commend Secretary Ross and the leadership at the Economic Development Administration for making this strong investment in our state.”
“Small business recovery is essential for communities to get back to pre-COVID-19 status,” said Congressman Bennie Thompson (MS-02).
“These grants provided through the CARES Act will directly invest in the future of Mississippi’s economic success by supporting our small businesses’ recovery efforts,” said Congressman Steven Palazzo (MS-04). “As a former small business owner, I know firsthand how critically important thriving small businesses are to our communities and this funding will allow them to continue to stay in business and provide jobs to many hardworking Mississippians.”
The EDA investments announced today are:
- Southern Mississippi Planning and Development District, Gulfport, Mississippi, will receive an $8.8 million EDA CARES Act Recovery Assistance grant to support future economic growth by capitalizing and administering an RLF to provide loans to coronavirus impacted businesses in Covington, Forrest, George, Greene, Hancock, Harrison, Jackson, Jefferson Davis, Jones, Lamar, Marion, Pearl River, Perry, Stone, and Wayne counties.
- Three Rivers Planning and Development District, Pontotoc, Mississippi, will receive a $3.9 million EDA CARES Act Recovery Assistance grant to foster economic development through management of various small business loan programs by capitalizing and administering an RLF to provide loans to coronavirus impacted businesses in Calhoun, Chickasaw, Itawamba, Lafayette, Lee, Monroe, Pontotoc, and Union counties.
- Northeast Mississippi Planning and Development District, Booneville, Mississippi, will receive a $3.9 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to small business impacted by coronavirus in Alcorn, Benton, Marshall, Prentiss, Tippah, and Tishomingo counties.
- South Delta Planning and Development District, Inc., Greenville, Mississippi, will receive a $2.2 million EDA CARES Act Recovery Assistance grant to establish and administer a new micro-revolving loan fund for businesses impacted by coronavirus in Bolivar, Carroll, Coahoma, Holmes, Humphreys, Issaquena, Leflore, Panola, Quitman, Sharkey, Sunflower, Tallahatchie, Tunica, and Washington counties.
- East Central Planning and Development District, Newton, Mississippi, will receive a $1.5 million EDA CARES Act Recovery Assistance grant to promote economic development by providing loans to support coronavirus impacted businesses in Clarke, Jasper, Kemper, Lauderdale, Leake, Neshoba, Newton, Scott and Smith counties.
- North Central Planning and Development District, Inc., Winona, Mississippi, will receive a $1.5 million EDA CARES Act Recovery Assistance grant to provide working capital loans and technical economic development assistance to coronavirus impacted businesses in Attala, Carroll, Grenada, Holmes, Leflore, Montgomery, and Yalobusha counties.
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.