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Find similar grantsU.S. Department of Commerce Invests $2 Million in American Rescue Plan Funds to Capitalize Revolving Loan Fund to Serve Small Businesses in Groton, Connecticut is sponsored by U.S. Economic Development Administration (EDA). Capitalizes and administers a Revolving Loan Fund to provide gap financing to small, local businesses.
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U.S. Department of Commerce Invests $13. 9 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small Businesses Across Virginia Respond to Coronavirus - Norfolk Department of Economic Development U.S. Department of Commerce Invests $13.
9 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small Businesses Across Virginia Respond to Coronavirus WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $13.
9 million in CARES Act Recovery Assistance grants to capitalize and administer Revolving Loan Funds (RLFs) that will provide critical gap financing to small businesses and entrepreneurs that have been adversely affected by the coronavirus pandemic across Virginia.
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 across Virginia 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 Virginia’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 so that Virginia businesses have access to capital to respond to and recover from the coronavirus pandemic. ” “Federal support is critical as America’s small businesses navigate this health crisis,” said Governor Ralph Northam .
“We appreciate these grants from the U.S. Department of Commerce, which will complement Virginia’s own $70 million small business relief program. Support for these businesses is essential to a strong and robust economic recovery. ” “Small businesses have suffered heavily due to COVID-19,” said Congressman H.
Morgan Griffith (VA-09) . “EDA’s $770,000 grant to the Cumberland Plateau Planning District Commission directs CARES Act funding to some of these businesses in the district, helping them stay afloat and keep employees on the payroll. I appreciate this investment in our communities.
” The EDA investments announced today are: Virginia Small Business Financing Authority, Richmond, Virginia will receive a $10. 2 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide loans to coronavirus-impacted businesses in the Commonwealth of Virginia to help them respond to and recover from the pandemic.
Cumberland Plateau Planning District Commission, Lebanon, Virginia will receive a $770,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loan interest loans to coronavirus-impacted small businesses in the city of Norton, and Buchanan, Dickenson, Tazewell, Russell, Wise, Scott and Lee counties.
The city of Lynchburg, Virginia, will receive a $726,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide gap financing and loans to coronavirus-impacted businesses in the city of Lynchburg, and Amherst, Appomattox, Bedford, Campbell counties to help them respond to and recover from the pandemic.
The city of Norfolk , Virginia, will receive a $549,900 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in the city of Norfolk. The city of Newport News-Department of Development, Newport News, Virginia, will receive a $1.
5 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in the cities of Newport News and Hampton.
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 (CARES) 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.
EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) (PDF) program, provides a wide-range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic. For complete information, please visit our recently updated EDA CARES Act Recovery Assistance page .
About the U.S. Economic Development Administration ( www. eda. gov ) The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy.
An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth. Prev Previous SPOTLIGHT: Tegra Global Adopts a Bold Stance on Returning to Work Next Norfolk City Manager Names Director of Economic Development Next
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U.S. Department of Commerce Invests $2 Million in American Rescue Plan Funds to Capitalize Revolving Loan Fund to Serve Small Businesses in Groton, Connecticut is funded by U.S. Economic Development Administration (EDA). Verify program details on the funder's official page before applying.
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While founders chase fixed grant deadlines, the Economic Development Administration runs two flagship programs on a rolling basis — no application window, applications accepted until the money runs out. Here is how Public Works and Economic Adjustment Assistance work in FY2026, why the CEDS requirement is the real gate, and how communities should sequence an application.
Read articleThe Economic Development Administration is distributing $1.45B to disaster-affected communities through rolling applications. Nearly half of US counties qualify, but 61% have never received place-based federal funding.
Read articleOn July 20, 2026, the EDA announced it intends to invest $169 million across six Regional Technology and Innovation Hubs — quantum, nuclear, critical minerals, biosecure manufacturing, pharmaceuticals, and forest bioproducts — after the Trump administration rescinded the Biden-era Phase 2 awards and reran the competition. Only two of the original winners survived. Here is the full breakdown of the six hubs, why four prior awardees were dropped, and what the re-award teaches regional coalitions about competing for the next round.
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