Utah revolving loan fund established by U.S. Department of Commerce

The U.S. Department of Commerce Department’s Economic Development Administration (EDA) has awarded $2.9 million in CARES Act Recovery Assistance grants to capitalize and administer revolving loan funds (RLFs) that will provide gap financing to small businesses and entrepreneurs in Utah that have been adversely affected by the coronavirus pandemic.

“These investments will provide small businesses across Utah with the necessary capital to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient state economy for the future,” said Secretary of Commerce Wilbur Ross.

“These investments come at a crucial time to help Utah’s and our nation’s economy come roaring back and provide hard-working Americans with new opportunities,” said Dana Gartzke, assistant secretary of commerce for economic development. “Small businesses are the lifeblood of our communities and EDA is pleased to invest these CARES Act funds so that Utah businesses have access to capital to respond to and recover from the coronavirus pandemic.”

“We appreciate that these grants will give targeted assistance to communities and sectors of our state’s economy that have been greatly impacted by the COVID-19 pandemic,” said Gov. Gary Herbert. “This type of support, combined with Utahns’ characteristic resilience, is crucial to our state’s economic recovery.”

The EDA investments will be directed to the Uintah Basin Economic Development District in Roosevelt, the Southeastern Utah Economic Development District in Price, the city of Orem and the Six County Economic Development District in Richfield.