With a $1.6 million grant from the US Financial Growth Authority beneath the coronavirus reduction invoice, Area 5 Growth Fee will capitalize and administer Revolving loan Funds. The RLFs will present important hole financing to small companies and entrepreneurs adversely affected by the coronavirus pandemic in Crow Wing, Cass, Morrison, Todd and Wadena counties, in response to a Area 5 information launch.
“These investments come at a crucial time to help Minnesota’s and our nation’s economy come roaring back and provide hard-working Americans with new opportunities,” stated Assistant Secretary of Commerce for Financial Growth Dana Gartzke within the launch.
The EDA coronavirus reduction invoice restoration help is being administered beneath the authority of the bureau’s versatile financial adjustment help program to eligible communities and areas.
The coronavirus reduction invoice, signed into legislation by President Donald Trump on March 27, gives the EDA with $1.5 billion for financial growth help applications to assist communities forestall, put together for and reply to the coronavirus pandemic, in response to the discharge.
For extra data, go to eda.gov/coronavirus/.