Funding will be used to capitalize revolving loan funds to help small businesses in the Lowcountry
Washington, D.C. – Rep. Joe Cunningham (SC-01) today announced that the Commerce Department’s Economic Development Administration (EDA) is awarding $1.55 million in CARES Act Recovery Assistance grants to capitalize and administer Revolving Loan Funds (RLFs) that will provide critical gap financing to small businesses and entrepreneurs that have been adversely affected by the coronavirus pandemic.
The Berkeley-Charleston-Dorchester Council of Governments will receive a $616,000 EDA Cares Act Recovery Assistance Grant and the City of Charleston will receive a $935,000 EDA Cares Act Recovery Assistance Grant to provide struggling small businesses in Berkeley, Charleston, and Dorchester Counties with loans to support their continued economic growth.
“As the Lowcountry continues to be hard hit by COVID-19, our small businesses are still facing the devastating consequences of this public health and economic crisis,” said Rep. Joe Cunningham. “These grants, provided by the CARES Act that I was proud to pass, will help Lowcountry small businesses survive these uncertain times and come back stronger then before. My work in Congress will continue to help support those in need, including our small businesses, workers, and South Carolina families.”
“The Berkeley-Charleston-Dorchester Council of Governments’ goal with this funding is to keep local businesses in business during an extraordinarily difficult time,” said BCDCOG Executive Director Ron Mitchum. “We are deeply appreciative of the work of our Congressional delegation in securing these needed resources for our region and we look forward to aiding in the recovery effort.”