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U.S. Department of Commerce Invests $9 Million in CARES Act Recovery Assistance to Support Businesses Capital and Infrastructure Needs in Michigan

04/08/2021 | 04:48pm EDT

WASHINGTON - Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department's Economic Development Administration (EDA) is awarding $9 million in CARES Act Recovery Assistance grants to help the state of Michigan prevent, prepare for, and respond to coronavirus.

'The Biden Administration is committed to helping Michigan's economy recover from the challenges of the pandemic,' said Secretary of Commerce Gina Raimondo. 'These EDA investments give small businesses access to capital to keep the doors open in Oakland County, while also paving roads for business expansion in Jackson County for the future.'

'The Economic Development Administration is working with communities across the nation to 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 respond to immediate needs while also looking to the future to ensure that Michigan's economy can build back better and stronger.'

'We are grateful to Secretary Raimondo and our partners in the Biden White House for investing in Michigan and helping us continue to rebuild our economy,' said Governor Gretchen Whitmer. 'This $9 million investment into projects in Jackson and Oakland Counties will create hundreds of jobs and improve infrastructure that people depend on day to day. It is an example of an effective partnership between Michigan and the federal government that makes a difference in people's lives right now.'

'Too many of our small businesses are still struggling to keep their lights on, and too many of our communities continue to face serious budget challenges because of the pandemic,' said Senator Stabenow. 'Now more Oakland County small businesses will be able to keep their doors open, and Jackson County will be able to make additional investments in essential community services.'

'We need to do everything we can to support communities across Michigan as they rebuild from this pandemic,' said Senator Gary Peters, a member of the Commerce, Science and Transportation Committee. 'I'm proud that the CARES Act that I helped pass is continuing to provide resources that will support small businesses in Oakland County, improve local infrastructure in Jackson County, and create new jobs.'

'I am encouraged that the CARES Act continues to make a positive impact in Michigan's 7th District,' said Congressman Tim Walberg (MI-07). 'These federal resources will help strengthen Jackson County's infrastructure and lead to greater job growth and economic activity in our community.'

'This is great and welcome news,' said Congresswoman Brenda Lawrence (MI-14). 'After a devastating year for our community and local economy, this funding from the CARES Act will help Oakland County small businesses stay afloat while creating and saving hundreds of jobs. I'm committed to continue working with the Biden-Harris Administration and the Department of Commerce to provide the support our small businesses need to put them on the road to recovery.'

The EDA investments announced today are:

  • Oakland County, Michigan, will receive a $3 million EDA CARES Act Recovery Assistance grant to establish a Revolving Loan Fund to assistant small businesses in the county that are faced with both declining revenue and added expenses to re-open safely. The project, to be matched with $1 million in local funds, is expected to create 125 jobs, retain 225 jobs and generate $9.2 million in private investment.
  • Jackson County, Michigan, will receive a $6 million EDA CARES Act Recovery Assistance grant to complete road, sidewalk, water, and sewer infrastructure improvements at the Jackson Technology Park North (JTPN) in Blackman Charter Township. The improvements will create shovel-ready sites for industrial development. The project, to be matched with $1.5 million in local funds, is expected to create 40 jobs, retain 136 jobs and generate $4 million in private investment. These project 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.

This project is funded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136 PDF), 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) (PDF) 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.

About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.

Disclaimer

EDA - Economic Development Administration published this content on 08 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 April 2021 20:47:09 UTC.


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