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Small Business Development/RLF

Small Business/RLF

EDA-Capitalized Revolving Loan Fund Helps a Small Business Ascend to Success

When psychologist Haleigh Scott completed her postdoctoral clinical training at the University of California, Davis she knew she could best continue her commitment to individuals with neurodevelopmental disabilities in a small setting that would allow personalized patient treatment and case management. However, the start-up costs needed to establish a private practice were prohibitive and, like many new entrepreneurs, Dr. Scott found it difficult to obtain traditional bank financing. That’s when she contacted Judy Fletcher, Chief Lending Officer at California Capital Financial Development Corporation (“California Capital”).

November 29, 2022

Dr. Haleigh Scott is the owner of Ascend Diagnostics and Support Services.

Small Business/RLF

Revolving Loan Fund Program Gives Businesses a Flying Start in Tennessee

Mike Williamson is a former Air Force mechanic from Lynchburg, Tennessee. After serving his country, he returned to his hometown and opened Lynchburg Machine Tool, which provides tools and dies for the local automotive manufacturing industry.

As his business took off, Mike was often traveling to meet with new customers.

October 31, 2022

These photos by Mike Williamson show the hangar both prior to this project and after the restoration was completed.

Small Business/RLF

EDA Supports Equitable Lending Leaders

While the accessibility of credit is vital to the success and growth of small business, research shows that lending to borrowers from marginalized communities continues to lag.1  In 2020, the CARES Act catalyzed a major expansion of the Economic Development Administration’s (EDA) successful Revolving Loan Fund (RLF) program. RLFs provide small businesses access to capital in the form of gap financing to grow and generate new employment opportunities with competitive wages and benefits.  Prior to the onset of the pandemic, EDA’s RLF portfolio boasted a combined capital base of nearly $900 million; CARES Act recovery assistance helped grow the portfolio to more than $1.5 billion.

October 6, 2022

Debra Davis (left), pictured here with an EDCKC RLF borrower, participated in the Equitable Lending Leaders program.

Small Business/RLF

Regional Planning Council Helps Small Businesses Stay Afloat in South Florida

Over the last few years, many Americans have moved to Florida, making it one of the top destinations for domestic migration. In 2021 alone, more than 220,000 people moved to the Sunshine State.

Coupled with the onset of the coronavirus pandemic, this mass migration put a serious strain on the state’s resources, minimizing its lending power to small, minority-owned businesses and other entrepreneurs.

September 1, 2022

Dr. Rashida Francois purchased Tewelde’s Lafitte Drugs through a loan through EDA’s Revolving Loan Fund program.

Small Business/RLF

EDA-Funded RLF Program Helps Keep Pharmacy Open in Small Town in Louisiana

Tewelde’s Lafitte Drugs has operated inside a grocery store in Lafitte, Louisiana, for more than 40 years. It has long served an important role in the rural community of 2,500 people.

May 24, 2022

Dr. Rashida Francois purchased Tewelde’s Lafitte Drugs through a loan through EDA’s Revolving Loan Fund program.

Small Business/RLF

Pumps and Ladders: Francis Enos is Protecting the Protectors of California’s North Coast

Fire protection in California’s rural and heavily forested Humboldt County is provided by a patchwork of more than three dozen different agencies, many of whom rely entirely on volunteer firefighters. Maintaining the pumps and ladders on hundreds of pieces of firefighting apparatus along California’s North Coast is a job that’s almost as big as the giant Redwoods for which Humboldt County is known. It’s a job that falls, in part, to Ferndale, California’s Francis Enos Fire Pump Repair.

April 12, 2022

Pumps on the Ferndale Volunteer Fire Department’s engines in Ferndale, California, are tested by Francis Enos Fire Pump Repair.

Small Business/RLF

Colorado Business on the Brink of Exponential Growth

BAR U EAT started, quite literally, in a home kitchen. Unsatisfied with the granola and protein bar options in local stores in Steamboat Springs, Colorado, Sam Nelson decided to make his own.

He began making snack bars for family and friends and eventually they convinced him to sell the products. He teamed up with his life-long friend, Jason Friday, and BAR U EAT was created.

March 29, 2022

Photo of Gloria Pugh

Small Business/RLF

EDA Support Helps Florida Relocation Company Move in a New Direction

According to the U.S. Census Bureau, more than 220,000 Americans moved to Florida in 2021, making it the nation’s top destination for domestic migration.

March 15, 2022

Photo of Gloria Pugh

Small Business/RLF

Wisconsin Flower Shop Blooms Thanks to EDA-Funded Revolving Loan Fund

As the coronavirus pandemic kept families and friends apart, sending flowers became an appealing option to show loved ones that they were missed.

May 7, 2021

Debbie Hillary, owner of Busy Bee Floral in Monroe, Wisconsin, received a loan from an EDA-funded Revolving Loan Fund to help her business during the pandemic.

Small Business/RLF

EDA and Feed the Hunger Help Stabilize Market Access for Hawaii’s Small Farmers

The coronavirus pandemic hit Hawaii’s tourist economy like the surf at Pe’ahi; almost overnight, visitor arrivals plummeted more than 99 percent.1 But the impact of the disaster was felt far beyond the normally crowded beaches and mega-resorts of Waikiki and Wailea.

May 5, 2021

The tourist industry was not the only sector impacted by the coronavirus pandemic in Hawaii. EDA and Feed the Hunger Fund are working to stabilize market access for Hawaii’s small farmers. Hotels on Waikiki Beach are pictured in his Carol M. Highsmith photo from the Library of Congress.

Economic Development Districts, Small Business/RLF

In the Oregon Outback, an Iconic General Store Powers through the Pandemic with EDA Support

In some rural parts of Eastern Oregon, the 1979 oil crisis wasn’t felt the same way it was in Seattle, Portland, or Boise.

“We’ve never run out of gasoline to sell, but then we don’t sell a helluva lot,” Lloyd Grisel, then the owner of Hart Mountain Store in Oregon’s sparsely populated Lake County, was quoted in a July 1979 UPI article.

April 14, 2021

Wild mustangs are seen galloping across scrubland of the Oregon Outback in this Bureau of Land Management photo. The region has experienced an uptick in visitors.

Small Business/RLF

Grocery Store Owners Improve Access to Local and Healthy Foods Thanks to RLF Program

Accessing healthy and affordable foods is an increasing challenge to many North Dakota residents. Much of the state is rural and, according to the U.S. Department of Agriculture (USDA), a third of all counties have communities that are considered food deserts.

The town of Velva relies on its local grocer, Velva Fresh Foods, which has become a key fixture within the community. Recently, the former owner decided to sell the store, and residents became concerned that it would no longer be a locally run business. They also feared that it might close permanently, as the next closest grocery store is more than 25 miles away.

April 7, 2021

Brenda and Matt McCasson are the new owners of Velva Fresh Foods

Small Business/RLF

EDA-funded Revolving Loan Fund Helps Keep Business Manufacturing through pandemic

Since 1991, The Flag Loft in St. Louis, Missouri, has been steadily manufacturing flags, banners, and fabric products for customers across the country.

Customers include corporations, municipalities, colleges, high schools, professional sports teams, and the hotel industry.

February 2021

The Flag Loft kept its 9 employees on the payroll despite business struggles during the COVID-19 pandemic

Small Business/RLF

EDA CARES Act Funding to Detroit Revolving Loan Fund Supports School for Aspiring Beauticians

Before the coronavirus pandemic, about 80 aspiring beauticians attended classes at Dymond Designs Beauty School in downtown Detroit to learn about cosmetology, esthetics, manicuring, and natural hair cultivation.

Now the school’s enrollment is about half, and most of the students are learning remotely.

“The pandemic hit us hard. When we couldn’t train, everything stopped,” said school owner Marlene Brooks, whose students are mostly women of color living in the Detroit area.

February 2021

Krampade Sports Drink Leverages Revolving Loan Fund to Secure Public/Private Investment for Business Growth
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