WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown (D-OH) announced that the United States Department of Commerce’s Economic Development Administration (EDA) has awarded two Revolving Loan Funds (RLF) and one grant, to three entities in northeast Ohio. The funds will be used to help local communities and businesses respond to economic hardships brought on by the coronavirus pandemic.
EDA funds are listed below:
· $4,000,000 in RLF to the City of Cleveland to help businesses and ensure the local economy becomes more resilient and equitable.
· $1,903,000 in RLF to Ashtabula County 503 Corporation to distribute loans to small businesses who may have been impacted by the pandemic and need improvements, expansion, or innovation to survive.
· $400,000 grant to the Northeast Ohio Four County Regional Planning and Development Organization to create a comprehensive economic recovery and resiliency plan, provide technical assistance, and facilitate collaborative partnerships.
“These funds will provide northeast Ohio with the additional tools and resources to address the economic fallout from Covid-19,” said Brown. “This investment will lead to more economic growth in the region.”
The EDA is the only federal government agency focused exclusively on economic development. The program is designed to provide financial assistance to communities, and promote economic development. The CARES Act, signed into law on March 27, 2020, provides the EDA with $1.5 billion specifically for economic development assistance programs to help communities prevent, prepare, and respond to coronavirus.