U.S. Department of Commerce Invests $23 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small Businesses Across Minnesota Respond to Coronavirus
July 28, 2020
U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $23 million in CARES Act Recovery Assistance grants to capitalize and administer Revolving Loan Funds (RLFs) that will provide critical gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic across Minnesota.
“President Trump is working diligently every day to support our nation’s economy following the impacts of COVID-19 through the CARES Act,” said Secretary of Commerce Wilbur Ross. “These investments will provide small businesses across Minnesota with the necessary capital to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient state economy for the future.”
“These investments come at a crucial time to help Minnesota’s and our nation’s economy come roaring back and provide hard-working Americans with new opportunities,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “Small businesses are the lifeblood of our communities, and EDA is pleased to invest these CARES Act funds so that Minnesota businesses have access to capital to respond to and recover from the coronavirus pandemic.”
The EDA investments announced the Northwest Regional Development Commission, Warren, Minnesota, will receive a $3.4 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide coronavirus-impacted businesses in Kittson, Roseau, Marshall, Pennington, Red Lake, Polk, and Norman counties with loans to help them respond to the pandemic.
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NWRDC Loan Fund Manager/Economic Development Professional