|CEDA to administer CARES Act Recovery Assistance funds
Clearwater Economic Development Association (CEDA) will administer $1,401,000 in CARES Act Recovery Assistance funds awarded by the Economic Development Administration (EDA) to help North Central Idaho communities and businesses respond to economic crisis caused by the coronavirus pandemic. “These investments will provide small businesses with the necessary capital to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient state economy for the future,” said Secretary of Commerce Wilber Ross.
The EDA’s CARES Act Recovery Assistance includes $400,000 to update economic recovery plans and fortify programs to address regional economic injury impacts of coronavirus. The two-year program’s two prong focus is the development and implementation of regional economic recovery plans and providing technical assistance and capacity building support to businesses, industries, and communities addressing recovery issues such workplace changes, digital skills, supply chain disruption, and employee training.
Additionally, $1,001,000 of the investment focuses on small business via capitalization of a revolving loan fund (RLF) from which direct loans will be issued to fund projects key to local and regional economic recovery and resiliency. EDA included provisions under the award that allow for fee waivers and favorable repayment terms, as well as direct technical assistance, to help applicants access the funding and ensure project success.
“The award will allow the region to respond to the unprecedented challenges through actions that will lead to a quicker recovery and long-term regional economic sustainability,” said Christine Frei, CEDA Executive Director.
CEDA (www.clearwater-eda.org) is an EDA recognized planning district and has been connecting communities and businesses to resources since 1968. Contact (208) 746-0015 for more information.