U.S. Department of Commerce Invests $2.8 Million in CARES Act
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding $2.8 Million in CARES Act Recovery Assistance grants to help the state of Missouri prevent, prepare for, and respond to coronavirus.
“EDA is committed to helping communities across the nation 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 will provide support and resources for small businesses to recover from the pandemic, strengthen workforce development programs, secure critical gap financing for businesses in Southwest Missouri, and support training, education, and assistance to create a more resilient manufacturing industry in the state.”
“COVID-19 has had an unprecedented impact on our economy, but we are already seeing strong signs of recovery,” said Governor Mike Parson. “These investments from the EDA will provide even more assistance as we continue working to rebuild our economy, strengthen our workforce, and support businesses and communities across the state.”
“Small businesses and manufacturers employ over a million Missourians and play a significant role in driving our economy,” said Senator Roy Blunt. “This investment will help small businesses overcome the significant challenges caused by COVID-19. In addition, the grant funding will support workforce development and other initiatives that will create jobs and strengthen our manufacturing sector for years to come. I’m glad the funding Congress provided in the CARES Act continues to help Missouri businesses and workers during these difficult times.”
“I’m thrilled to see another $1.2 million from CARES Act funding go toward economic development and job creation in the Fifth Congressional District of Missouri,” said Congressman Emanuel Cleaver (MO-05). “Small businesses have been decimated by COVID-19, and while there is light on the horizon, we aren’t out of the woods yet. Investments like this grant funding are critical to keeping small businesses afloat during the pandemic and ensuring a shorter road to recovery once we defeat the devilish coronavirus. As Congress works to bring more relief to American families, workers, and small businesses, I will continue to push for funding that meets the scale of the challenge facing our nation and the people of Missouri.”
The EDA investments announced today are:
The Mid-America Regional Council Community Services Corporation, Kansas City, Missouri, will receive a $1.2 million EDA CARES Act Recovery Assistance grant to create the Kansas City Regional Economic Recovery program to provide technical assistance to disadvantaged small businesses and strengthen workforce development programs in response to the coronavirus pandemic. The project, to be matched with $307,508 in local funds, is expected to create 60 jobs and retain 100 jobs.
The Southwest Missouri Council of Governments, Springfield, Missouri, will receive a $975,000 EDA CARES Act Recovery Assistance grant to capitalize and administer a Revolving Loan Fund (RLF) to provide critical gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic in Barry, Christian, Dade, Dallas, Greene, Lawrence, Polk, Stone, Taney, Webster, Barton, Jasper, McDonald, and Newton counties.
The Curators of the University of Missouri, Columbia, Missouri, will receive $608,484 EDA CARES Act Recovery Assistance grant to establish the Consortium to Enhance Innovation, Resilience, and Agility in Missouri’s Manufacturers, which will provide individual business consultation, educational sessions and technology assessment and adoption services in the following areas: business model and enterprise management, technology innovation, process and project management, market research and opportunities, workforce assessment and training, as well as agility, resilience and business continuity training, education, and assistance for manufacturers in the state.
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.