Congressman Pete Stauber, R-Hermantown, introduced Wednesday, July 29, that he has helped to safe almost $6 million in funding to assist small companies and entrepreneurs throughout Minnesota’s eighth Congressional District get better from the COVID-19 pandemic.
“Today’s announcement is welcome news for many as these funds will help provide valuable economic support to businesses that have been impacted by the COVID-19 pandemic,” Stauber acknowledged in a information launch. “As a member of the House Small Business Committee, I know that small businesses are the backbone of our economy, which is why I was so proud to have had a hand in securing this money for them. These funds, which were provided by the CARES Act, will not only help small businesses across my district keep their doors open and employees on payroll, but they will also help many reemerge from this crisis even stronger than before.”
The U.S. Financial Growth Administration has awarded these funds, as a part of the CARES Act, to a few Financial Growth Commissions in northeast Minnesota:
The Area 5 Growth Fee will obtain a $1,450,000 revolving loan fund to lend to debtors within the following geographic area: Crow Wing, Cass, Morrison, Todd and Wadena counties.
The Arrowhead Regional Growth Fee will obtain a $3,880,000 revolving loan fund to lend to debtors within the following geographic area: Aitkin, Carlton, Cook dinner, Itasca, Koochiching, Lake and St. Louis counties.
The East Central Regional Growth Fee will obtain a $500,000 revolving loan fund to lend to debtors within the following geographic area: Pine, Isanti, Chisago, Kanabec and Mille Lacs counties.
These funds shall be used to capitalize and administer a revolving loan fund that can present crucial financing to small companies and entrepreneurs adversely affected by the COVID-19 pandemic.