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Written by The Business Journal Staff
The U.S. Department of Commerce has chosen to invest in Fresno and San Luis Obispo counties’ hard-hit businesses through a $2.7 million grant given by the department’s Economic Development Administration (EDA).
The $2.7 million CARES Act Recovery Assistance grant will go to California Coastal Rural Development Corporation (CCRDC) located in Salinas. The grant will establish a revolving loan fund to benefit hard-hit businesses in both Fresno and San Luis Obispo counties.
“EDA is pleased to support the establishment of the CCRDC Small Business Revolving Loan Fund to help small businesses recover from economic injury caused by the coronavirus pandemic,” said Dana Gartzke, performing the delegated duties of the assistant secretary of commerce for economic development.
The U.S. Department of Commerce’s EDA grant will be matched with $675,000 in local funds, and is expected to create 30 jobs, retain 200 jobs and generate $2.5 million in private investment.
“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. “This new Revolving Loan Fund will diversify and boost the economies of Fresno and San Luis Obispo counties by providing critical gap financing to businesses throughout the region.”
The CARES Act, signed by President Trump, provided $1.5 billion for economic development assistance programs to help communities respond to the pandemic.
“Providing businesses in Fresno and San Luis Obispo counties with the resources they need to adapt will help the region’s economy come roaring back,” Gartzke said.