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The Economic Development Administration (EDA) will provide $18.6 million in CARES Act funding to 12 economic development agencies across Texas – including Concho Valley – to provide assistance grants to small businesses to help them survive the COVID-19 pandemic.
“President (Donald) Trump is working diligently every day to support our nation’s economy following the impacts of COVID-19 through the CARES Act,” U.S. Secretary of Commerce Wilbur Ross said. “These investments will provide small businesses across Texas with the necessary capital to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient state economy for the future.”
EDA Chief of Staff Dana Garrzke said the investments come at a “crucial time” to help Texas businesses recover.
“Small businesses are the lifeblood of our communities, and EDA is pleased to invest these CARES Act funds so that Texas businesses have access to capital to respond to and recover from the coronavirus pandemic,” she said.
CARES Act funding ranging from approximately $550,000 on up to $4.3 million will be provided to a dozen economic development organizations.
One is the Concho Valley Council of Governments of San Angelo, which will get $550,000. The grant money can be used to provide loans to small businesses in Tom Green County hurt by the pandemic.
Other recipients include LiftFund Inc., a small business nonprofit in San Antonio, Gulf Coast Economic Development District in Houston, CEN-TEX Certified Development in Austin, South Texas Development in Laredo and Northeast Texas Development in Texarkana.
“We are very gratified the Trump Administration's Detartment of Commerce and Secretary Ross agreed with the need to help local coronavirus impacted businesses,” Rep. Louie Gohmert (R-Texas) said. “Many businesses have not just been impacted but have also been devastated, and this grant is a great help in the recovery process.”
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