U.S. Department of Commerce Invests $600,000 to Capitalize Revolving Loan Fund to Provide Capital to Businesses in Lee and Russell Counties, Alabama
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $600,000 grant to Lee-Russell Council of Governments, Opelika, Alabama, to capitalize a revolving loan fund that will provide critical gap financing to new and existing small and medium-sized businesses in Lee and Russell counties. This EDA grant will be matched with $150,000 in local investment.
“The Economic Development Administration 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 for Economic Development. “This EDA investment will provide a source of financing for businesses expanding into multiple locations in Lee and Russell Counties, with a special emphasis on businesses that increase jobs and create resilience in the economy.”
“I am pleased that EDA is taking action to help combat the financial burdens brought on by COVID-19 in Lee and Russell Counties,” said Senator Richard Shelby. “This investment will provide capital through a revolving loan fund for local businesses seeking to expand, particularly those contributing to economic stability and job creation in Alabama.”
“I appreciate EDA’s commitment to providing targeted relief to small businesses in Lee and Russell counties that have felt the economic impact of COVID,” said Senator Tommy Tuberville. “These businesses provide jobs to Alabamians and revenue to local communities, and it is critical that we use the resources necessary to enable them to bridge the financial burden caused by the virus, and have a path towards keeping their lights on and doors open for employees and customers.”
This project was made possible by the regional planning efforts led by the Lee-Russell Council of Governments, which EDA funds to help bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment, and create jobs.
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.