The Economic Development Administration is awarding $18.6 million to numerous small businesses across Texas in CARES Act Recovery Assistance grants, U.S. Senator John Cornyn announced recently. These grants will administer Revolving Loan Funds that will provide gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic across Texas.
“Small businesses in Texas have borne the brunt of the pandemic’s devastating impact,” said Senator John Cornyn. “I applaud this announcement and will continue to do everything I can to make sure Texas small businesses have what they need to survive this crisis.”
The EDA investments include:
• LiftFund Inc., San Antonio, Texas, will receive a $4.3 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in the city of San Antonio.
• South Plains Economic Development District, will receive a $4.3 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide gap financing and loans to coronavirus-impacted businesses in Bailey, Cochran, Crosby, Dickens, Floyd, Garza, Hale, Hockley, King, Lamb, Lubbock, Lynn, Motley, Terry, and Yoakum counties to help them respond to and recover from the pandemic.
• Moore County Development Inc., Dumas, Texas, will receive a $2.1 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loan to coronavirus impacted small businesses in Moore county.
• Liftfund Inc. San Antonio, Texas, will receive a $2 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide loans to coronavirus-impacted businesses in Aransas, Bee, Brooks, Calhoun, DeWitt, Duval, Goliad, Gonzales, Jackson, Jim Wells, Kenedy, Kleberg, Lavaca, Live Oak, Nueces, Refugio, San Patricio and Victoria counties to help them respond to and recover from the pandemic.
• Gulf Coast Economic Development District, Houston, Texas, will receive a $1.7 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loan to coronavirus impacted small businesses in Austin, Brazoria, Chambers, Colorado, Fort Bend, Galveston, Harris, Liberty, Matagorda, Montgomery, Walker, Waller, and Wharton counties.
• LiftFund Inc., San Antonio, Texas, will receive a $836,900 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in El Paso County.
• Tyler Economic Development Council, Inc., Tyler, Texas, will receive a $682,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus impacted small businesses in Smith county.
• CEN-TEX Certified Development Corporation, dba BCL of Texas, Austin, Texas, will receive a $550,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loan to coronavirus impacted small businesses Caldwell, Gonzales, Colorado, Burleson, Fayette, Lavaca, Matagorda, Lampasas, Lee, Waller, and Wharton counties.
• Northeast Texas Economic Development District, Texarkana, Texas, will receive a $550,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide low interest loans to coronavirus-impacted small businesses in Bell, Bosque, Bowie, Camp, Cass, Coryell, Delta, Eastland, Erath, Falls, Franklin, Freestone, Gregg, Harrison, Hill, Hopkins, Johnson, Lamar, Limestone, Marion, McLennan, Milam, Morris, Navarro, Panola, Red River, Somervell, Titus, and Upshur counties.
• Concho Valley Council of Governments, San Angelo, Texas, will receive a $550,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loan to coronavirus impacted small businesses in Tom Green county.
• South Texas Development Council, Laredo, Texas, will receive a $550,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loan to coronavirus impacted small businesses in Jim Hogg, Starr, Webb, and Zapata counties.
• Brazos Valley Council of Governments, Bryan, Texas, will receive a $275,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loan to coronavirus impacted small businesses in Brazos, Burleson, Grimes, Leon, Madison, Robertson and Washington counties.
