U.S. Department of Commerce Invests $3.2 Million to Capitalize Revolving Loan Fund to Serve Small Businesses in Southern Kentucky
WASHINGTON – Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $3.2 million grant to Purchase Area Development District (Purchase ADD), Mayfield, Kentucky, to capitalize and administer a revolving loan fund to serve businesses in Graves, Ballard, Calloway, Carlisle, Fulton, Hickman, McCracken and Marshall counties.
This investment will provide financial support and technical assistance to local businesses affected by disasters that impacted the area. The EDA investment will be matched with $800,000 in local funds and is expected to create 240 jobs, retain 55 jobs and generate $12 million in private investment, according to grantee estimates.
“President Biden is committed to supporting new opportunities for business growth,” said Secretary of Commerce Gina M. Raimondo. “This EDA investment will establish a revolving loan fund that will provide small businesses with the financial assistance they need to rebuild and expand, creating good-paying jobs and a stronger regional economy.”
“The Economic Development Administration supports locally-driven efforts to spur economic growth and prosperity,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This EDA investment will provide the capital access businesses need to grow and generate new employment opportunities.”
“This grant comes at such an important time for our Western Kentucky communities as they recover and rebuild following the devastating tornadoes in December,” said Governor Andy Beshear. “We are committed to helping these areas build back stronger than before so that these Kentuckians have a bright future full of opportunity, and this investment will help us do that.”
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 invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.