//$11.8 Million invested in CARES Act for small business

$11.8 Million invested in CARES Act for small business

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U.S. Department of Commerce Invests $11.8 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small Businesses Across Georgia Respond to Coronavirus

WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $11.8 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 that have been adversely affected by the coronavirus pandemic across Georgia.      

“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 Georgia 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 Georgia’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 Georgia businesses have access to capital to respond to and recover from the coronavirus pandemic.”

“Hardworking small business owners have been hit hard by the coronavirus pandemic, facing tremendous uncertainty as they adapt to an unprecedented economic landscape,” said Governor Brian Kemp. “These funds are a much-needed lifeline for small businesses across our state, and I am grateful to President Trump, Secretary Ross, and the Administration for prioritizing relief for job creators in Georgia and throughout the country. Working together, we will ensure our small businesses emerge from this challenge stronger than ever.”

“Small businesses are the backbone of our economy, and it is critical that they have the liquidity needed to weather this crisis,” said Senator David Perdue. “These CARES Act funds will help Georgia businesses recover from COVID-19 and continue supporting their local communities.”

“Small businesses are the backbone of our economy and local communities,” said Senator Kelly Loeffler. “They have been hit particularly hard by the coronavirus. These grants, provided by the CARES Act, will help small businesses along the Georgia coast and in Atlanta keep their doors open and keep employees on the payroll.  Along with President Trump and Secretary Ross, I am committed to helping small businesses survive these challenging times to reignite the power of our strong economy.”

“This is great news for the First District,” said Congressman Earl L. “Buddy” Carter (GA-01). “I applaud the Administration for directing this funding from the CARES Act to help businesses in Southeast Georgia that need assistance. Many of our businesses are struggling due to no fault of their own, and we need to be committed to ensuring these job creators can keep their doors open and employees on the payroll.”

The EDA investments announced today are:

  • Coastal Area District Development Authority, Inc., Brunswick, Georgia, will receive an $11 million EDA CARES Act Recovery Assistance grant to respond to the coronavirus pandemic by capitalizing and administering an RLF to provide loans to coronavirus-impacted businesses in Bryan, Bulloch, Camden, Chatham, Effingham, Glynn, Liberty, Long, and McIntosh counties.
  • The city of Atlanta will receive an $836,000 EDA CARES Act Recovery Assistance grant to respond to the coronavirus pandemic by capitalizing and administering an RLF to provide loans to coronavirus-impacted businesses in Atlanta.

These current EDA RLF grantees are some of the more than 850 existing, high-performing EDA RLF, Economic Development District, University Center, and Tribal grant recipients invited to apply for supplemental funding under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

The CARES Act, signed into law by President Donald J. Trump, provides EDA with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to the coronavirus pandemic.

On May 7, Secretary Ross announced that EDA is accepting applications for CARES Act Recovery Assistance funding opportunities.

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. For complete information, please visit our recently updated EDA CARES Act Recovery Assistance page.

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.