Region Five Development Commission to distribute $1.6 million in loans
With a $1.6 million grant from the United States Economic Development Authority under the coronavirus relief bill, Region Five Development Commission will capitalize and administer Revolving Loan Funds. The RLFs will provide critical gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic in Crow Wing, Cass, Morrison, Todd and Wadena counties, according to a Region Five news release.
“These investments come at a crucial time to help Minnesota’s and our nation’s economy come roaring back and provide hard-working Americans with new opportunities,” said Assistant Secretary of Commerce for Economic Development Dana Gartzke in the release.
The EDA coronavirus relief bill recovery assistance is being administered under the authority of the bureau’s flexible economic adjustment assistance program to eligible communities and regions.
The coronavirus relief bill, signed into law by President Donald Trump on March 27, provides the EDA with $1.5 billion for economic development assistance programs to help communities prevent, prepare for and respond to the coronavirus pandemic, according to the release.
For more information, visit eda.gov/coronavirus/ .