U.S. Department of Commerce invests $1.6 million in U.S. bailout funds to support small businesses in Southwest Oregon
U.S. Department of Commerce invests .6 million in U.S. bailout funds to support small businesses in Southwest Oregon

U.S. Department of Commerce invests $1.6 million in U.S. bailout funds to support small businesses in Southwest Oregon

WASHINGTON — Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is providing a $1.6 million grant to CCD Business Development Corporation, Roseburg, Oregon, to capitalize and administer a revolving loan fund. This grant is funded by the American Rescue Plan.

This grant will provide surge funding and business support to small businesses in Coos, Curry and Douglas counties to help them recover, grow and create new job opportunities. This EDA investment will be matched with a local investment of $400,000 and is expected to create or maintain over 30 jobs.

“President Biden is committed to providing businesses with the resources they need to recover from the economic impact of the coronavirus pandemic,” Commerce Secretary Gina M. Raimondo said. “This EDA investment will provide needed capital to small businesses and entrepreneurs in Southwestern Oregon, creating a stronger and more robust regional economy.”

“The Economic Development Administration is focused on supporting local strategies to boost coronavirus recovery and response efforts,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “The new revolving loan fund capitalized by the CCD Business Development Corporation will help ensure that local entrepreneurs have the resources they need to build a better America.”

“Oregon is a small trading state, and the Covid-19 pandemic has particularly affected rural communities in Oregon,” said Senator Ron Wyden. “This injection of funds will provide a much-appreciated boost to generate employment opportunities in Coos, Curry and Douglas counties that will ripple through the entire Southwest Oregon economy so that Oregonians can resume their activities.”

“So many small businesses have been hugely impacted by the COVID-19 pandemic over the past two years, and this EDA grant is a big step forward in restoring and rebuilding our communities in the Southwest. of Oregon,” Sen. Jeff Merkley said. “The job opportunities and support for small businesses created through this grant will help restore the regional economy and help it continue to grow.

“The US bailout continues to be very effective for our national and local economies,” said Congressman Peter DeFazio (OR-04). “This funding will help support a number of small businesses in Southwestern Oregon to retain workers and maintain their businesses. I am proud to have worked with my congressional colleagues and the Biden administration to provide this much needed funding to our community.

This project is funded under the US EDA bailout Economic Adjustment Assistance Program, which makes $500 million in economic adjustment assistance grants available to American communities. The Economic Adjustment Assistance Program is EDA’s most flexible program, and grants awarded through this program will help hundreds of communities across the country plan, build, innovate, and rehabilitate people. work through construction projects or not designed to meet local needs.

About the United States Economic Development Administration (www.eda.gov)
The mission of the United States Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing regions across the country for growth and success in the global economy. An agency of the U.S. Department of Commerce, EDA invests in communities and supports regional collaboration to create jobs for American workers, promote American innovation, and accelerate long-term sustainable economic growth.

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