WASHINGTON (April 15, 2019) – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding an $800,000 grant to the Sonoma County Economic Development Board Foundation (SCEDBF) of Santa Rosa, California, to capitalize a Revolving Loan Fund (RLF) that will support business growth and resiliency in the wake of recent natural disasters. According to grantee estimates, the project is expected to create 120 jobs, retain 55 jobs, and spur $2 million in private investment.
“President Trump is committed to providing businesses with the tools necessary to grow quickly following natural disasters,” said U.S. Assistant Secretary of Commerce for Economic Development Dr. John Fleming. “The SCEDBF Revolving Loan Fund will provide affordable loans to businesses that might not qualify for conventional financing to support their recovery and expansion plans.”
This project capitalizes a revolving loan fund in Sonoma County, California, to help businesses become more resilient to natural disasters such as the severe winter storms, flooding, and wildfire that affected the area in 2017.
This project is funded under the Bipartisan Budget Act of 2018 (PL 115-123), in which Congress appropriated to EDA $600 million in additional Economic Adjustment Assistance (EAA) Program funds for disaster relief and recovery as a result of Hurricanes Harvey, Irma, and Maria, wildfires and other calendar year 2017 natural disasters under the Stafford Act.
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.