Wednesday, July 29, 2020

The Redwood Region Economic Development Commission Eureka to Receive a $5 Million CARES Act Recovery Assistance Grant

Posted By on Wed, Jul 29, 2020 at 6:01 PM

click to enlarge huffman-cropped.jpg
The U.S. Department of Commerce’s Economic Development Administration (EDA) is granting over $5.5 million in Recovery Assistance grants allocated by Congress in the CARES Act for Revolving Loan Funds (RLFs) which provide critical gap financing to small businesses and entrepreneurs impacted by the COVID-19 pandemic throughout California’s second congressional district.

According to the release, the Redwood Region Economic Development Commission in Eureka will receive a $5 million EDA CARES Act Recovery Assistance grant to respond to the pandemic by providing RLF loans to impacted businesses in Humboldt County.

“Families and small businesses have been struggling to get by as they wait for the Trump administration to distribute critical funds that Congress laid out in the CARES Act earlier this spring,” said Rep. Huffman. “It is good to see this money finally get out the door and into the hands of my constituents in need. The Redwood Region Economic Development Commission and the Economic and Development and Financing Corporation are two of a number of community partners who stepped up big time to help local businesses and residents challenged by the COVID-19 pandemic. This investment by the federal government supports its excellent ongoing work. More funds are needed, and I will continue to work on getting additional relief to families, state and local governments, and small businesses across Northern California.”

Read the full release below.
Huffman Lauds Allocation of CARES Act Funds for Second District

Revolving Loan Funds to Help Small Businesses Across Northern California Respond to Coronavirus

Washington, D.C. – Today, Representative Jared Huffman (D-San Rafael) shared the announcement that the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding over $5.5 million in Recovery Assistance grants allocated by Congress in the CARES Act to capitalize and administer Revolving Loan Funds (RLFs) that will provide critical gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic throughout California’s second congressional district.

“Families and small businesses have been struggling to get by as they wait for the Trump administration to distribute critical funds that Congress laid out in the CARES Act earlier this spring,” said Rep. Huffman. “It is good to see this money finally get out the door and into the hands of my constituents in need. The Redwood Region Economic Development Commission and the Economic and Development and Financing Corporation are two of a number of community partners who stepped up big time to help local businesses and residents challenged by the COVID-19 pandemic. This investment by the federal government supports their excellent ongoing work. More funds are needed, and I will continue to work on getting additional relief to families, state and local governments, and small businesses across Northern California.”

The EDA investments announced today for California’s second congressional district are:

Redwood Region Economic Development Commission, Eureka, California, will receive a $5 million EDA CARES Act Recovery Assistance grant to respond to the coronavirus pandemic by capitalizing and administering an RLF that will provide loans to coronavirus-impacted businesses in Humboldt County.
Economic and Development and Financing Corporation, Ukiah, California, will receive a $550,000 EDA CARES Act Recovery Assistance grant to offer small business loans to coronavirus-impacted businesses by capitalizing and administering an RLF to serve businesses in Mendocino and Lake counties.

“This CARES Act funding will be critical to support our existing and new customers. We will be working with our community partners to develop loan products that will help local businesses and non-profits meet the challenges of this pandemic and thrive in the future,” said Gregg Foster, Executive Director of the Redwood Region Economic Development Commission (RREDC).

“I want to thank Congressman Huffman for his support of the CARES Act. This and other investments in our community will help sustain our economy and allow RREDC to increase its support of local businesses throughout Humboldt County,” said Summer Daugherty, RREDC Chair and member of the Blue Lake Council.
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Iridian Casarez

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Iridian Casarez is a staff writer at the North Coast Journal.

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