U.S. Department of Commerce Invests $8.8 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small Businesses Across Ohio Respond to Coronavirus
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $8.8 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 adversely affected by the coronavirus pandemic across Ohio.
“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 Ohio 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 Ohio’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 Ohio businesses have access to capital to respond to and recover from the coronavirus pandemic.”
“The $8.8 million in CARES Act Recovery Assistance grants announced by Secretary Ross is terrific news for cities and towns throughout the state of Ohio as these funds will help bridge a financing gap for small business owners who have been adversely affected by the ongoing COVID-19 pandemic,” said Senator Rob Portman. “I’m pleased to see this CARES Act rescue money helping Ohio’s small business and entrepreneurs so they can continue to serve as the backbone of communities across our state as the state continues to safely reopen. I will continue to work with my colleagues to ensure Ohio’s small businesses have the resources they need during these uncertain times.”
“Ohioans are working hard to rebuild our economy, and these CARES Act funds will go a long way in aiding local efforts,” said Congressman Brad Wenstrup (OH-02). “I was pleased to support creating this relief, which will help expand access to telehealth services, online education support, and the expansion of manufacturing opportunities.”
“It’s good to see CARES Act funds going to work in the 8th District,” said Congressman Warren Davidson (OH-08). “Springfield businesses now have another avenue to explore to keep the Ohio economy open and on the path to recovery.”
The EDA investments announced today are:
- The City of Cleveland will receive a $4 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to make loans to coronavirus impacted small businesses in Cleveland. The working capital funds will help the businesses thrive and ensure that the local economy becomes more resilient and equitable, which aligns with the city’s ReStart CLE initiative.
- Ashtabula County 503 Corp will receive a $1.9 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to make loans to coronavirus impacted small businesses in Ashtabula County which need of improvements, expansion or innovation to survive and grow during the pandemic.
- Fairfield County will receive a $913,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to make loans to coronavirus impacted small businesses in Fairfield County to mitigate the loss of workforce opportunities and sustain a diverse economic base.
- The City of Springfield will receive a $825,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to make loans to coronavirus impacted small businesses in the City of Springfield. Efforts will include implementing strategies to grow and sustain Springfield’s small business community and spur economic development.
- Ohio Mid-Eastern Governments Association will receive a $594,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to make loans to coronavirus impacted small businesses in Belmont, Carroll, Columbiana, Coshocton, Guernsey, Harrison, Holmes, Jefferson, Muskingum, and Tuscarawas. In addition to financial assistance, efforts may include developing and implementing a region-specific recovery plan that will assist in the retention and expansion of the region’s business sector.
- Ohio Valley Regional Development Commission will receive a $550,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to make loans to coronavirus impacted small businesses in Adams, Brown, Clermont, Fayette, Gallia, Highland, Jackson, Lawrence, Pike, Ross, Scioto, and Vinton counties. The Working Capital Loan Program would provide operating capital loans to existing small businesses to help meet the demands of doing business during the pandemic and through the recovery.
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.