U.S. Secretary of Commerce Wilbur Ross announced on Aug. 7 that the Department’s Economic Development Administration (EDA) would be rewarding $16 million in CARES Act Recovery Assistance grants.
The grants will administer Revolving Loan Funds (RLFs), which provides financing to small businesses and entrepreneurs in Indiana that have been affected by the COVID-19 pandemic, according to a press release from the EDA.
“President Trump is working diligently every day to support our nation’s economy following the impacts of COVID-19 through the CARES Act,” Ross said in the press release. “These investments will provide small businesses across Indiana with the necessary capital to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient state economy for the future.”
The EDA investments that were announced that day include a $7.7 million grant to the City of South Bend, a $6 million grant to the City of Fort Wayne and a $660,000 grant to the City of Kokomo.