The United States Department of Commerce announced this week that it is providing a $600,000 grant that will help create a fund to provide loans to small and medium-sized businesses in Lee and Russell Counties.
The grant comes from the Dept. of Commerce’s Economic Development Administration (EDA). The organization in Opelika receiving the grant and setting up the loan fund is the Lee-Russell Council of Governments. The Council is providing a match of $150,000 in local money.
“This EDA investment will provide a source of financing for businesses expanding into multiple locations in Lee and Russell Counties, with a special emphasis on businesses that increase jobs and create resilience in the economy,” remarked Dennis Alvord, acting assistant secretary for Economic Development, in a statement.
The grant is part of the Economic Development Administration’s larger goal of mitigating the financial stress on businesses brought about by the coronavirus pandemic.
According to a description the organization provided, the EDA is an agency tasked with making “investments in economically distressed communities to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.”
“I appreciate EDA’s commitment to providing targeted relief to small businesses in Lee and Russell counties that have felt the economic impact of COVID,” remarked U.S. Senator Tommy Tuberville (R-AL) in a release. “These businesses provide jobs to Alabamians and revenue to local communities.”
Loans from the newly created fund will be available to both new and existing businesses in the two counties, per information provided by the EDA.
“I am pleased that EDA is taking action to help combat the financial burdens brought on by COVID-19 in Lee and Russell Counties,” relayed Senator Richard Shelby (R-AL).
Henry Thornton is a staff writer for Yellowhammer News. You can contact him by email: [email protected] or on Twitter @HenryThornton95.
Don’t miss out! Subscribe today to have Alabama’s leading headlines delivered to your inbox.