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U.S. Congressman Garret Graves (South Louisiana) announced the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding $2,134,000 in CARES Act Recovery Assistance grants to South Central Planning and Development Commission. In total, EDA awarded $7.2 million across Louisiana to help provide critical gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic across the state.
“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 Louisiana with the necessary capital to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient state economy for the future.”
“Over and over again, Louisianans rise to the challenge when things get tough – this pandemic is no exception,” said Congressman Garret Graves (LA-06). It’s been amazing to see how many of our business owners and entrepreneurs have been able to adapt or pivot their operations to keep their doors open and their people employed, but I also know the challenge grows every day. This infusion of federal resources will help fill the gap for many of our job creators, but it is not the solution. We’ve got to stay focused on doing whatever it takes reopen and resurge Louisiana and America’s economy.”
(To read EDA’s full press release, click here.)
As part of EDA’s CARES Act Recovery Assistance, this investment capitalizes a $1,940,000 Revolving Loan Fund (RLF) to lend to borrowers in the following geographic region: Assumption, Lafourche, St. Charles, St. James, St. John the Baptist, St. Mary and Terrebonne Counties in Louisiana. This EDA investment also provides $194,000 to defray the cost of administering the RLF. The EDA investment will alleviate sudden and severe economic dislocation caused by the coronavirus (COVID-19) pandemic, provide permanent resources to support economic resiliency, and further the long-term economic adjustment objectives of the region served by this EDA investment.
The CARES Act, signed into law by President Donald J. Trump on March 27, 2020, provides EDA with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to coronavirus.
Graves also announced $400,000 awarded to South Central Planning and Development Commission, Inc. from EDA on August 14 to help them respond to the unusual and compelling urgency of the coronavirus pandemic.
