U.S. Rep. Lawrence and U.S. Secretary of Commerce Raimondo Announce $3 Million in CARES Act Recovery Assistance to Support Oakland County Small Businesses
Washington, DC - Today, U.S. Representative Brenda L. Lawrence (MI-14) and U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding $9 million in CARES Act Recovery Assistance grants to help the state of Michigan prevent, prepare for, and respond to coronavirus. This includes $3 million for Oakland County to establish a Revolving Loan Fund to help small businesses.
“This is great and welcome news,” said Congresswoman Brenda Lawrence (MI-14). “After a devastating year for our community and local economy, this funding from the CARES Act will help Oakland County small businesses stay afloat while creating and saving hundreds of jobs. I’m committed to continue working with the Biden-Harris Administration and the Department of Commerce to provide the support our small businesses need to put them on the road to recovery.”
“The Biden Administration is committed to helping Michigan’s economy recover from the challenges of the pandemic,” said Secretary of Commerce Gina Raimondo. “These EDA investments give small businesses access to capital to keep the doors open in Oakland County, while also paving roads for business expansion in Jackson County for the future.”
“The Economic Development Administration is working with communities across the nation to implement strategies to mitigate economic hardships brought on by the coronavirus pandemic,” said Dennis Alvord, Acting Assistant Secretary of Commerce for Economic Development. “These EDA investments respond to immediate needs while also looking to the future to ensure that Michigan’s economy can build back better and stronger.”
“We are grateful to Secretary Raimondo and our partners in the Biden White House for investing in Michigan and helping us continue to rebuild our economy,” said Governor Gretchen Whitmer. “This $9 million investment into projects in Jackson and Oakland Counties will create hundreds of jobs and improve infrastructure that people depend on day to day. It is an example of an effective partnership between Michigan and the federal government that makes a difference in people’s lives right now.”
The EDA investments announced today are:
- Oakland County, Michigan, will receive a $3 million EDA CARES Act Recovery Assistance grant to establish a Revolving Loan Fund to assist small businesses in the county that are faced with both declining revenue and added expenses to re-open safely. The project, to be matched with $1 million in local funds, is expected to create 125 jobs, retain 225 jobs and generate $9.2 million in private investment. The RLF will assist the region with recovery efforts from the COVID-19 pandemic by providing an immediate, flexible, and accessible source of financing for small businesses and entrepreneurs located in Oakland County. Once implemented, the RLF will provide access to working capital, which will help bolster job creation and retention, attract private investment, and advance economic resiliency throughout the region.
- Jackson County, Michigan, will receive a $6 million EDA CARES Act Recovery Assistance grant to complete road, sidewalk, water, and sewer infrastructure improvements at the Jackson Technology Park North (JTPN) in Blackman Charter Township. The improvements will create shovel-ready sites for industrial development. The project, to be matched with $1.5 million in local funds, is expected to create 40 jobs, retain 136 jobs and generate $4 million in private investment.
These projects are funded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136), which provided EDA with $1.5 billion for economic assistance programs to help communities prevent, prepare for, and respond to coronavirus. EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau's flexible Economic Adjustment Assistance (EAA) 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.
About the U.S. Economic Development Administration (www.eda.gov)
- The U.S. Economic Development Administration’s (EDA) mission 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 to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.