U.S. Department of Commerce Invests $1.2 Million in CARES Act Recovery Assistance to Capitalize Revolving Loan Fund to Serve Businesses in Southwest Montana
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $1.2 million CARES Act Recovery Assistance grant to the Northern Rocky Mountain Economic Development District, Bozeman, Montana, to capitalize and administer a Revolving Loan Fund (RLF) that will provide critical gap financing to businesses adversely affected by the coronavirus pandemic in Gallatin and Park counties. The EDA grant, to be matched with $250,000 in local investment, is expected to create 40 jobs, retain 125 jobs, and generate $10 million in private investment.
“EDA is committed to helping communities across the nation implement strategies to mitigate economic hardships brought on by the coronavirus pandemic,” said Dennis Alvord, Acting Assistant Secretary of Commerce for Economic Development. “This investment will provide the financing resources that Southwest Montana businesses need to rebound from the coronavirus pandemic and grow a stronger and more resilient economy.”
“This CARES Act grant is great news for Montana small businesses in Gallatin and Park counties who have struggled during the pandemic,” said Governor Greg Gianforte. “The grant will help small business owners create and protect Montana jobs, keep their doors open, and contribute to getting our Montana economy going again.”
“Small businesses and the good-paying jobs they create are the backbone of our communities throughout Gallatin and Park counties,” said Senator John Tester. “I’m proud to have secured this funding that will help our main street businesses keep the wolf away from the door during this crisis, and I’m going to keep working aggressively to get the pandemic under control so we can get folks back to work and reopen our economy as quickly as possible.”
“I am excited to see that Bozeman will be receiving some support as it continues to recover from the pandemic,” said Representative Matt Rosendale. “Utilizing these already approved funds will be critical as we continue to make our people healthy and our economy healthy again.”
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.