U.S. Department of Commerce Awards $8.4 Million in CARES Act Grants to Small Businesses in North Carolina

Strategic Insights -

The U.S. Department of Commerce's Economic Development Administration (EDA) has awarded $8.4 million in CARES Act Recovery Assistance grants to small businesses and entrepreneurs in North Carolina that have been adversely affected by the coronavirus pandemic. The funds will be used to capitalize and administer Revolving Loan Funds (RLFs) that will provide critical gap financing to these businesses, supporting their recovery and growth.

Key Takeaways:

  • The EDA has awarded $8.4 million in CARES Act Recovery Assistance grants to support small businesses in North Carolina.
  • The funds will be used to capitalize and administer RLFs, providing critical gap financing to businesses affected by the pandemic.
  • The investments aim to create a stronger and more resilient state economy, supporting hard-working Americans and new opportunities for small businesses.
  • Local economic development is a crucial part of the recovery process, and these funds will help North Carolina continue growing jobs and businesses.
  • The EDA has invested over $1.5 billion in economic development assistance programs to help communities respond to the pandemic.
  • More than 850 existing EDA RLF, Economic Development District, University Center, and Tribal grant recipients are invited to apply for supplemental funding under the CARES Act.

Statistics:

  • $8.4 million in CARES Act Recovery Assistance grants awarded to support small businesses in North Carolina.
  • 1.5 billion dollars invested by the EDA in economic development assistance programs under the CARES Act.
  • Over 850 existing EDA grantees invited to apply for supplemental funding under the CARES Act.

Sources:

  • U.S. Department of Commerce's Economic Development Administration (www.eda.gov)
  • "CARES Act Recovery Assistance" (EDA website)
  • "Economic Development Administration" (About the U.S. Economical Development Administration)
  • "President Trump Signs Historic CARES Act Providing Economic Relief" (Whitehouse.gov)