EDA - Economic Development Administration
09/17/2024 | Press release | Distributed by Public on 09/17/2024 10:22
U.S. Department of Commerce Invests $1.5 Million to Capitalize Revolving Loan Fund to Support Small Businesses in Massachusetts
WASHINGTON - Today, U.S. Secretary of Commerce Gina Raimondo announced the Department's Economic Development Administration (EDA) is awarding a $1.5 million grant to the South Eastern Economic Development Corporation in Taunton, Massachusetts, to capitalize and administer a Revolving Loan Fund (RLF) serving small businesses across eight Massachusetts counties.
This grant will support business start-ups and expansions, provide working capital, and help procure related equipment. This EDA investment will be matched with $1.5 million in local funds and is expected to create 100 jobs, retain 50 jobs, and generate $9 million in private investment, according to grantee estimates.
"Through the Investing in America agenda, the Biden-Harris Administration is making the investments we need to build an economy that works for everyone," said Secretary of Commerce Gina Raimondo. "This EDA grant will provide needed capital to small businesses and entrepreneurs in Massachusetts, creating new jobs and a stronger, more robust regional economy."
"The Economic Development Administration works closely with local communities to support place-based economic growth," said Deputy Assistant Secretary for Policy and External Affairs, performing the non-exclusive functions and duties of the Assistant Secretary for Economic Development Cristina Killingsworth."This Revolving Loan Fund will provide the capital that small businesses and entrepreneurs need to grow, promoting economic development in Barnstable, Bristol, Dukes, Essex, Nantucket, Norfolk, Plymouth, and Suffolk counties.""These dollars will strengthen our economy by supporting small businesses, increasing access to capital and creating new jobs," said Governor Maura Healey. "I'm grateful to the Biden-Harris administration for their continued investment in Massachusetts communities."
"Small businesses are the pillars of our communities, and this grant provides owners with a fighting chance to compete in today's economy," said Senator Elizabeth Warren. "This investment will revitalize small businesses, create more jobs, and boost economic growth across Southeastern Massachusetts."
"Massachusetts is experiencing a small business boom because of the state's entrepreneurial talent and historic investments provided under the Biden-Harris administration," said Senator Ed Markey. "The South Eastern Economic Development (SEED) Corporation, a leading community lender for more than 40 years, will leverage this $1.5 million grant from EDA to seed new businesses across the Commonwealth and grow our economy."
About the U.S. Economic Development Administration (www.eda.gov)The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.