Capito, Manchin announce revolving loan funds to help WV Small Businesses respond to COVID-19


CHARLESTON — U.S. Senators Shelley Moore Capito (R-W.Va.) and Joe Manchin (D-W.Va.), members of the Senate Appropriations Committee, announced Thursday that the U.S. Economic Development Administration (EDA) is awarding $4.3 million in Coronavirus Aid, Relief, and Economic Security (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 West Virginia. 

“As small business owners in West Virginia continue to recover from the devastating impact of the COVID-19 pandemic, EDA continues to be a steadfast partner and supporter of Mountain State businesses,” said Senator Capito, chairman of the Senate Environment and Public Works (EPW) Transportation and Infrastructure subcommittee. “These funds will help provide the critical financing our state’s small businesses need during this difficult time, and I will continue to work toward passage of my legislation, the RLF Act, to ensure they are deployed effectively. Since my time in the Senate, I’ve made sure EDA does not forget West Virginia and I will continue to advocate for our small businesses so they can emerge from this pandemic stronger.” 

“The COVID-19 pandemic has had devastating impacts on our economy in West Virginia,” said Senator Manchin. “These EDA grants are welcome investments in businesses from Parkersburg to Princeton and towns in between. I have always said, West Virginians are the hardest workers you will find. Investing in West Virginia workers and businesses are investments in our communities and our future. I will continue advocating for investments like these because West Virginia is a great place to do business.”  

“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 West Virginia with the necessary capital to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient state economy for the future.”

BACKGROUND: 

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 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.

EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) (PDF) program, provides a wide-range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic.

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