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Delaware receives $1.8M in CARES Act Recovery Assistance grants

Delaware News Desk

U.S. Secretary of Commerce Wilbur Ross announced July 29 that the Department’s Economic Development Administration is awarding $1.8 million in Coronavirus Aid, Relief and Economic Security Act Recovery Assistance grants to capitalize and administer Revolving Loan Funds that will provide gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic across Delaware.

“President Trump is working diligently every day to support our nation’s economy following the impacts of COVID-19 through the CARES Act,” said Ross. “These investments will provide small businesses across Delaware with the necessary capital to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient state economy for the future.”

“These investments come at a crucial time to help Delaware’s and our nation’s economy come roaring back and provide hard-working Americans with new opportunities,” said Dana Gartzke, performing the delegated duties of the assistant secretary of commerce for Economic Development. “Small businesses are the lifeblood of our communities, and EDA is pleased to invest these CARES Act funds so that Delaware businesses have access to capital to respond to and recover from the coronavirus pandemic.”

True Access Capital Corp., Wilmington, will receive a $1.2 million grant to support Delaware-based small businesses that were negatively affected by the COVID-19 pandemic by capitalizing and administering an RLF to provide loans to coronavirus-impacted businesses in Delaware.

Wilmington Economic Development Corp. will receive a $616,000 grant to respond to the coronavirus pandemic by capitalizing and administering an RLF to provide loans to coronavirus-impacted businesses in Wilmington.

These current EDA RLF grantees are some of the more than 850 existing, high-performing EDA RLF, Economic Development District, University Center and Tribal grant recipients encouraged to apply for supplemental funding under the CARES Act.

The CARES Act, signed into law by President Donald J. Trump, provides EDA with $1.5 billion for economic development assistance programs to help communities prevent, prepare for and respond to the coronavirus pandemic.

Ross announced that EDA is accepting applications for CARES Act Recovery Assistance funding opportunities May 7.

EDA CARES Act Recovery Assistance, administered under the authority of the bureau’s flexible Economic Adjustment Assistance program, provides various financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic. 

For more, visit eda.gov/coronavirus.