Delaware awarded $1.5 million from U.S. Economic Development Administration for revolving loan fund to assist small businesses
4 Feb 2021
The U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $1.5 million CARES Act Recovery Assistance grant to the Delaware Division of Small Business, Dover, Delaware, to establish and administer a Revolving Loan Fund (RLF) that will provide critical gap financing to businesses adversely affected by the coronavirus pandemic across Delaware. This EDA grant is expected to help create 1,500 jobs and retain 500 jobs.
“EDA is committed to helping communities across the nation fight economic hardships brought on by COVID-19,” said Dennis Alvord, Acting Assistant Secretary of Commerce for Economic Development. “This new Revolving Loan Fund will provide critical gap financing to help Delaware’s small businesses recover from the coronavirus pandemic.”
“We remain focused on supporting the Delaware small businesses, workers and families most affected by this COVID-19 crisis,” said Governor John Carney. “This new program will help us get additional support to more Delaware small businesses, an important step in rebuilding our economy.”