WASHINGTON – U.S. Secretary of Commerce Wilbur Ross recently announced that the Department’s Economic Development Administration is awarding $6.7 million in CARES Act Recovery Assistance grants to capitalize and administer Revolving Loan Funds that will provide critical gap financing to small businesses and entrepreneurs in Kentucky that have been adversely affected by the coronavirus pandemic.
Among those agencies receiving funding is the Buffalo Trace Area Development District.
“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 in Kentucky with the necessary capital to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient state economy for the future.”
“These investments come at a crucial time to help Kentucky’s and our nation’s economy come roaring back and provide hard-working Americans with new opportunities,” said Dana Gartzke, performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “Small businesses are the lifeblood of our communities, and EDA is pleased to invest these CARES Act funds to help Kentucky businesses with their capital needs as they respond to coronavirus.”
“Kentucky’s small business owners contribute so much to our commonwealth and have gone above and beyond to keep their customers safe during this unprecedented time,” said Governor Andy Beshear. “We are grateful that EDA is investing in these businesses and their recovery through CARES Act funding, just like small businesses invest in our communities every day.”
U.S. Senate Majority Leader Mitch McConnell introduced the Coronavirus Aid, Relief and Economic Security Act—the largest economic rescue package in American history—and led it to passage.
“The aid announced today to small businesses and entrepreneurs is an important aspect of my CARES Act that’s bringing urgent relief to communities across the Commonwealth. I’m proud my legislation is having a $12 billion impact in Kentucky supporting small businesses, workers, and job creators,” said Senator Mitch McConnell. “As Senate Majority Leader, I’m continuing to work with President Trump and his Administration to mobilize the resources Kentucky needs to beat this virus.”
The EDA investments announced include the Buffalo Trace Area Development District which will receive a $2.1 million EDA CARES Act Recovery Assistance grant to stimulate economic growth and job creation by capitalizing and administering a RLF to service businesses in Bracken, Fleming, Lewis, Mason, and Robertson counties.
These current EDA RLF grantees are some of the more than 850 existing, high-performing EDA RLF, Economic Development District, University Center, and Tribal grant recipients invited to apply for supplemental funding under the Coronavirus Aid, Relief, and Economic Security Act.
The CARES Act, signed into law by President Donald J. Trump, provides EDA with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to the coronavirus pandemic.
