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U.S. Department of Commerce Invests $18.6 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small Businesses Across Texas Respond to Coronavirus

August 14, 2020

Re:  PRESS RELEASE CARES Act Recovery Assistance EDA RLF Award

FOR IMMEDIATE RELEASE                                                      

Thursday, August 13, 2020        

U.S. Department of Commerce Invests $18.6 Million in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small Businesses Across Texas Respond to Coronavirus

WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $18.6 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 that have been adversely affected by the coronavirus pandemic across Texas.   

The Tyler Economic Development Council, Inc., Tyler, Texas, will receive a $682,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an Revolving Loan Fund to provide loans to coronavirus impacted small businesses in Smith county.

“We are pleased to make this investment in The Tyler Economic Development Council, a high- performing, regionally-focused partner committed to helping their region respond to this unprecedented challenge by continuing an economic strategy that promotes job growth through the retention and expansion of local businesses.”.

Applicants may contact:

Tyler Economic Development Council

Felecia Herndon, Exec. VP of Finance and Operations
fherndon@tylertexas.com

Karla Anders, Loan Manager
kanders@tylertexas.com

903-593-2004