U.S. Department of Commerce Invests $10.2 Million in CARES Act Recovery Assistance to Support Economic Growth and Resiliency Efforts in Texas
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding $10.2 million in CARES Act Recovery Assistance grants to help the state of Texas prevent, prepare for, and respond to coronavirus.
“EDA is committed to helping communities across Texas fight economic hardships brought on by COVID-19,” said Dennis Alvord, Acting Assistant Secretary of Commerce for Economic Development. “These EDA investments will accelerate business growth and diversification in Texas communities through investments in critical infrastructure including water, roadway, fiber optic, electrical, and sewer, and in Revolving Loan Funds (RLFs) aimed at assisting small businesses.”
“While Texans persevere as COVID-19 wreaks havoc on our state, we must take steps to ensure that our communities are equipped to weather the storm,” said Senator John Cornyn. “I applaud this announcement and will continue to do everything I can to make economic growth across Texas a high priority.”
The EDA investments announced today are:
- TruFund Financial Services, Inc., Addison, Texas, will receive $2.75 million to establish a revolving loan fund to provide a permanent source of lending capital across a 26-county region to increase the community’s resilience in the event of future pandemics. The project, to be matched with $687,500 in local funds, is expected to create 56 jobs and retain 84 jobs.
- The city of Giddings, Texas, will receive $1.8 million to support business growth by installing necessary water, fiber optic, and roadway infrastructure. The project, to be matched with $455,000 in local investment, is expected to create 1,586 jobs, retain 425 jobs, and generate $27 million in private investment.
- The town of Little Elm, Texas, will receive $1.4 million to make public infrastructure improvements needed to serve the Lobo Lane Technically Park and support the expansion of businesses directly responding to the Covid-19 pandemic, including a company that is projected to produce over 400 million syringes for vaccine distribution. The project, to be matched with $415,000 in local investment, is expected to create 300 jobs and generate $50 million in private investment.
- The city of Shamrock, Texas, will receive $1.2 million to expand manufacturing capacity and diversify the regional economy by installing critical infrastructure in support of a new business park focused on green technology. The project, to be matched with $465,000 in local investment, is expected to create 67 jobs and generate $55 million in private investment.
- The South Plains Association of Governments, Lubbock, Texas, will receive a $1.1 million grant to capitalize and administer a Revolving Loan Funds (RLFs) to address the economic development needs of small businesses and entrepreneurs adversely affected by the coronavirus pandemic in Armstrong, Briscoe, Carson, Castro, Childress, Collingsworth, Dallam, Deaf Smith, Donley, Gray, Hall, Hansford, Hartley, Hemphill, Hutchinson, Lipscomb, Moore, Ochiltree, Oldham, Parmer, Potter, Randall, Roberts, Sherman, Swisher, and Wheeler counties. The EDA grant will be matched with $275,000 in local funds and is expected to create 25 jobs and retain 100 jobs.
- The South Plains Association of Governments, Lubbock, Texas, will receive a $1.1 million grant to capitalize and administer a Revolving Loan Funds (RLFs) to address the economic development needs of small businesses and entrepreneurs adversely affected by the coronavirus pandemic in Andrews, Borden, Crane, Dawson, Ector, Gaines, Glasscock, Howard, Loving, Martin, Midland, Pecos, Reeves, Terrell, Upton, Ward and Winkler counties. The EDA grant will be matched with $275,000 in local funds and is expected to create 25 jobs and retain 100 jobs.
- The city of Seguin, Texas, will receive $860,000 to support the expansion of the Seguin Economic Development Corporation commercial park by covering engineering design, permitting and construction costs needed to develop a new access roadway. The project, to be matched with $215,000 in local investment, is expected to create 145 jobs and generate $59 million in private investment.
This project is funded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136 PDF), which provided EDA with $1.5 billion for economic assistance programs to help communities prevent, prepare for, and respond to coronavirus. 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.
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.