U.S. Senator Bob Casey (D-PA) announced Friday that economic development assistance programs in Pennsylvania will receive $35.5 million in new funding from the U.S. Department of Commerce’s Economic Development Administration (EDA) through Revolving Loan Funds as a result of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
North Central Pennsylvania Regional Planning and Development, based in Ridgway and serving Cameron, Clearfield, Elk, Jefferson, McKean and Potter counties, will receive $1.9 million.
“I am pleased that Pennsylvania will receive this $35.5 million investment to help struggling small businesses and entrepreneurs that have been negatively affected by the coronavirus pandemic across Pennsylvania,” said Senator Casey via email. “I supported EDA funding in the CARES Act and will continue to fight for Pennsylvania’s small businesses, ensuring that minority-owned businesses receive funding and improving oversight so that these grants reach the truly small businesses that need it most.”
The CARES Act provides EDA with $1.5 billion for economic development assistance programs to help communities support businesses during the coronavirus pandemic. The EDA’s Revolving Loan Fund Program provides access to capital to enable small businesses to grow and generate new employment opportunities and help them to retain jobs that might otherwise be lost, create wealth and support minority and women-owned businesses.
An email to North Central regarding plans for the funds did not receive a response as of press time.
