Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $600,000 grant to PACE Finance Corporation, Los Angeles, California, to capitalize a Revolving Loan Fund (RLF) to bolster small business development and expansion.
This grant will provide access to capital as gap financing to enable small businesses to grow and generate new employment opportunities. This EDA investment will be matched with $150,000 in local funds.
“The Economic Development Administration works closely with local communities to support place-based economic growth,” said Deputy Assistant Secretary for Policy and External Affairs Cristina Killingsworth. “This Revolving Loan Fund will provide the capital that small businesses and entrepreneurs in Los Angeles County need to grow and thrive.”
“Small businesses are the backbone of the vibrant and diverse Los Angeles community. The Department of Commerce’s investment today will open up more opportunities for Angelinos who have not benefited from traditional pathways for accessing capital,” said Senator Laphonza R. Butler. “I am proud to stand alongside the Biden-Harris Administration as it delivers on its promise to support entrepreneurs and build an economy that works for everyone.”
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 invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.