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U.S. Department of Commerce invests to keep Pa. businesses safely open | Wilbur Ross
Under President Donald J. Trump’s leadership, the U.S. Department of Commerce is working around the clock to grow our economy and support local efforts to keep businesses open and workers and customers safe during these challenging times.
Today, as part of these efforts, the department’s Economic Development Administration (EDA) is awarding $35.5 million in Recovery Assistance grants that will provide critical gap financing to small Pennsylvania companies adversely impacted by the coronavirus pandemic.
The grants are a result of $1.5 billion in CARES Act funding allocated to EDA to help communities prevent, prepare, and respond to the coronavirus.
Today’s grant recipients are long-standing pillars in their communities that have worked with EDA under its Revolving Loan Funds (RLF) program. These RLF operators will provide credit quickly and efficiently to Pennsylvania small businesses to help them recover from the pandemic and create a more resilient, stronger economy for the future.
RLF operators in Pennsylvania have supported a variety of economic development efforts across the state, from Pittsburgh’s South Side to Philadelphia’s Navy Yard. Their loans have helped bring clean water to neighborhoods in Lewisburg; assisted a world-class manufacturer with equipment purchases in Elk County; and enabled child-care services to continue in Wilkes-Barre.
On July 1, while I was in Erie, I announced the Trump Administration’s first EDA CARES Act Recovery Assistance RLF award. The $5.4 million grant to the Northwest Pennsylvania Regional Planning and Development Commission is now providing loans to coronavirus-impacted small businesses in Clarion, Crawford, Erie, Forest, Lawrence, Mercer, Venango, and Warren counties.
The Administration has since awarded tens of millions o…