Press Releases

REED ANNOUNCES $11.7 MILLION IN CARES ACT FUNDING FOR REVOLVING LOAN FUNDS TO HELP SMALL BUSINESSES ACROSS NY23

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Washington, September 9, 2020 | comments

WASHINGTON – Today, Rep. Tom Reed, in coordination with U.S. Secretary of Commerce Wilbur Ross, announced that the Department’s Economic Development Administration (EDA) is awarding $11.7 million in CARES Act Recovery Assistance grants to capitalize and administer Revolving Loan Funds (RLFs) that will provide critical gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic across Western New York.

“We were proud to support this grant because we care about all the businesses, non-profits, and entrepreneurs who have been severely impacted by the economic and public health effects of the COVID-19 pandemic,” said Congressman Tom Reed (NY-23). “By deploying the federal capital employers need to weather this crisis, we can ensure our local economy will rebound stronger than ever. Congratulations to CCIDA in Chautauqua County; the Southern Tier Enterprise Development Organization in Salamanca; and the Regional Economic Development and Energy Corporation in Steuben on their work to aid small businesses and bolster economic stability in the community.”

“President Trump is working diligently every day to support our nation’s economy following the impacts of COVID-19 through the CARES Act,” said Secretary of Commerce Wilbur Ross. “These investments will provide small businesses across Western New York 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 New York’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 Western New York businesses have access to capital to respond to and recover from the coronavirus pandemic.”

The EDA investments announced today are:

  • County of Chautauqua Industrial Development Agency, Jamestown, New York, will receive a $10.5 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide loans to coronavirus-impacted businesses in Chautauqua County, New York.
  • Southern Tier Enterprise Development Organization, Salamanca, New York, will receive a $660,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide loans to coronavirus-impacted businesses in Allegany, Cattaraugus, and Chautauqua counties.
  • Regional Economic Development and Energy Corporation, Steuben, New York, will receive a $550,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in Chemung, Schuyler, and Steuben counties.

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 invited to apply for supplemental funding under the Coronavirus Aid, Relief, and Economic Security (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.  

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