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 one Revolving Loan Fund (RLF) and three grants, to organizations located in eastern Ohio. The funds will be used to help local businesses respond to economic hardships brought on by the coronavirus pandemic.
EDA funds are listed below:
· $994,000 in RLF to the Ohio Mid-Eastern Governments Association to give loans to small businesses impacted by coronavirus in Belmont, Carroll, Columbiana, Coshocton, Guernsey, Harrison, Holmes, Jefferson, Muskingum, and Tuscarawas counties and to survey broadband feasibility in order to facilitate e-commerce, telework, telehealth, and tele-education.
· $400,000 grant to the Eastgate Regional Council of Governments to provide support for the growth of the distribution and logistics, electric vehicle transportation, and advanced manufacturing technologies sectors.
· $398,247 grant to the Buckeye Hills-Hocking Valley Regional Development District to develop planning strategies to increase capacity and provide local partners with technical assistance needed for economic recovery.
“These funds will provide eastern 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.