$8 million spread across other areas of state as part of CARES Act recovery assistance
WASHINGTON – U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $13.6 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 Tennessee. The Upper Cumberland Development District will receive $5.6 million to aid businesses across the 14-county U.C. region.
“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 Tennessee with the necessary capital to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient state economy for the future.”
“Small businesses in Tennessee have suffered from the heavy impact on public health and our economy as a result of the China-born coronavirus,” said Congressman John Rose (TN-6). “I voted for the CARES Act so that small businesses and individuals in our state might have better odds of surviving the government mandated economic shutdown. This aid directed toward our local businesses is critical. I will continue to fight for Tennesseans to receive their share of the massive aid package passed in the spring, which was meant to benefit all Americans, keep small town Main Street open and keep employees on the payroll.”
The EDA investments announced are:
- Upper Cumberland Development District, Cookeville, will receive a $5.6 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in Cannon, Clay, Cumberland, DeKalb, Fentress, Jackson, Macon, Overton, Pickett, Putnam, Smith, Van Buren, Warren and White counties.
- Greater Nashville Regional Council, Nashville, will receive a $2.7 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in Cheatham, Davidson, Dickson, Houston, Humphreys, Montgomery, Robertson, Rutherford, Stewart, Sumner, Trousdale, Williamson and Wilson counties.
- South Central Tennessee Development District, Mount Pleasant, will receive a $1.7 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loan interest loans to coronavirus-impacted small businesses in Bedford, Coffee, Franklin, Giles, Hickman, Lawrence, Lewis, Lincoln, Marshall, Maury, Moore, Perry and Wayne counties.
- Southeast Tennessee Development District, Chattanooga, will receive a $1.2 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in Bledsoe, Bradley, Grundy, Hamilton, Marion, McMinn, Meigs, Polk, Rhea, Sequatchie, Dade and Walker counties.
- First Tennessee Development District, Johnson City, will receive a $1.1 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide loans to coronavirus-impacted businesses in Carter, Greene, Hancock, Hawkins, Johnson, Sullivan, Unicoi and Washington counties to help them respond to and recover from the pandemic.
- East Tennessee Development District, Alcoa, will receive a $814,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in Anderson, Blount, Campbell, Claiborne, Cocke, Grainger, Hamblen, Jefferson, Knox, Loudon, Monroe, Morgan, Roane, Scott, Sevier and Union counties.
- Southwest Tennessee Development District, Jackson, will receive a $550,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide gap financing and loans to coronavirus-impacted businesses in Chester, Decatur, Hardeman, Hardin, Haywood, Henderson, Madison and McNairy counties.to help them respond to and recover from the pandemic.
“These investments come at a crucial time to help Tennessee’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 Tennessee businesses have access to capital to respond to and recover from the coronavirus pandemic.”
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.
On May 7, Secretary Ross announced that EDA is accepting applications for CARES Act Recovery Assistance funding opportunities.
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. For complete information, please visit our recently updated EDA CARES Act Recovery Assistance page.
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 makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.
