Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding $6.7 million in CARES Act Recovery Assistance grants to help communities and businesses in California respond to the coronavirus pandemic.
“EDA is committed to helping communities across the nation implement strategies to mitigate economic hardships brought on by the coronavirus pandemic,” said Dennis Alvord, Acting Assistant Secretary of Commerce for Economic Development. “These EDA investments will diversify and boost the economy of California by providing critical gap financing and disaster resiliency training to businesses and by supporting efforts to boost convention bookings.”
“I applaud the Economic Development Administration for its significant investment into our community,” said Congressman John Garamendi (CA-03). “The COVID-19 pandemic has decimated our local economies, and this much-needed funding will help local businesses keep the lights on and create and retain jobs. I’ll continue to fight for additional COVID-19 relief in Congress to ensure that EDA and others have the resources they need to support our communities.”
“This is welcome news for a community still reeling from the economic fallout of the Covid-19 pandemic,” said Congressman Jim Costa (CA-16). “These grants will provide the resources needed to help keep workers employed, create new jobs, and allow businesses stay open. This is one small step to solve a larger problem and I will continue working to help small businesses across our valley get the help they need to keep their doors open.”
“Commerce in Ontario and across the Inland Empire is driven by the fact that we are a community on the move,” said Congresswoman Norma J. Torres (CA-35). “But as travel declined during the pandemic, economic opportunities dried up as well. This CARES Act award for the Greater Ontario Convention and Visitors Bureau will allow them to fund new and creative ways to revitalize our local economy and draw business in from across the region.”
The EDA investments announced today are:
- NDC Economic Development Lending, Inc., will receive $2.75 million to establish and administer an RLF to support of coronavirus-impacted small businesses in Santa Cruz County generally, and in the target cities of Santa Cruz, Watsonville, Scotts Valley, and Capitola, specifically. The project, to be matched with $687,500 in local funds, is expected to create 18 jobs, retain 138 jobs, and generate $1 million in private investment.
- Rural Community Assistance Corporation, West Sacramento, California, will receive $2.5 million to establish and administer an RLF in support of coronavirus-impacted small businesses in Amador, Alpine, Calaveras, El Dorado, Inyo, Lassen, Madera, Mariposa, Mono, Nevada, Placer, Plumas, Sierra, Sutter, Tuolumne, and Yuba counties. The project, to be matched with $625,000 in local funds, is expected to create 80 jobs, retain 50 jobs, and generate $8 million in private investment.
- California Academy for Economic Development, Sacramento, California, will receive $782,788 to expand their Outsmart Disaster Campaign, a statewide education and training campaign designed to provide the resources that businesses need to adequately prepare for and recover from all types of disasters. The project will be matched with $195,697 in local funds.
- Greater Ontario Convention and Visitors Bureau, Ontario, California, will receive $678,000 to develop a marketing plan to stimulate meeting and convention bookings in the region. The project will be matched with $296,768 in local funds.
This project is funded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136 PDF), which provided EDA with $1.5 billion for economic assistance programs to help communities prevent, prepare for, and respond to coronavirus. 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.
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.