The Grand Forks Growth Fund, a Jobs Development Authority (JDA) has received $1.39 Million in CARES Act funding from the Economic Development Administration (EDA) for a Revolving Loan Fund (RLF) to address the economic impact of COVID-19 in Grand Forks County. Another $139,000 of EDA investment is provided to defray the cost of administering the RLF.
The EDA has made this investment to capitalize a COVID-19 Response Unmet Needs (C-RUN) Revolving Loan Fund (RLF) to provide low-interest, working capital loans to small businesses and entrepreneurs in Grand Forks County. This EDA investment will address the sudden and severe economic dislocation caused by COVID-19.
“We are thankful that the city has received this funding from the EDA and we hope businesses take advantage of this opportunity.” Mayor Brandon Bochenski said. “Hopefully this federal funding can help local businesses as they work their way through this pandemic.”
The CARES Act, signed into law by President Donald Trump on March 27, 2020, provides EDA with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to coronavirus.
More information about how to apply for this new loan fund will be made available soon. Call (701) 787-3745 or email firstname.lastname@example.org for questions or more information.