Economic development programs receive over $35M in funding

The U.S. Department of Commerce’s Economic Development Administration (EDA) recently provided economic development assistance programs with $35.5 million in Revolving Loan Funds as a result of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

The act allocated $1.5 billion for the EDA to distribute to economic development assistance programs nationwide. These programs provide support for businesses during the COVID-19 pandemic.

The fund gives small-business owners access to capital to use for retaining employees and creating employment opportunities. It also supports minority and women-owned businesses.

“I am pleased that Pennsylvania will receive this $35.5 million investment to help struggling small businesses and entrepreneurs that have been negatively affected by the coronavirus pandemic across Pennsylvania,” U.S. Sen. Bob Casey (D-PA) said. “I supported EDA funding in the CARES Act and will continue to fight for Pennsylvania’s small businesses, ensuring that minority-owned businesses receive funding and improving oversight so that these grants reach the truly small businesses that need it most.”

In Pennsylvania, programs were given between $553,000 and $7.6 million in loan funds.

The largest awards were given to the Regional Development Funding Corp. in Pittsburgh, the Philadelphia Authority for Industrial Development, and the SEDA-Councils of Governments in Lewisburg.