SeCTer receives $2.3 million in CARES Act relief funding to aid region’s coronavirus pandemic responseAugust 13, 2020 |
In support of southeastern Connecticut communities and to provide critical relief to area businesses amid the coronavirus pandemic, the Southeastern Connecticut Enterprise Region Corporation (seCTer) has secured $2.3 million in economic recovery funding through the U.S. Department of Commerce.
The $2.3 million in funding awarded to seCTer through the Department of Commerce’s Economic Development Administration (EDA) comes in the form of two grants:
- $1.9 million EDA CARES Act Recovery Assistance grant to respond to the coronavirus pandemic by facilitating access to capital and specialized services for businesses by capitalizing and administering a Revolving Loan Fund to provide loans to coronavirus-impacted businesses in Southeastern Connecticut.
- $400,000 EDA CARES Act Recovery Assistance grant to respond to the coronavirus pandemic by hiring a recovery coordinator, working with economic development partners in their region to assist the diverse business community, providing training and education, regional marketing, and updating its Comprehensive Economic Development Strategy (CEDS).
“SeCTer is very proud to be trusted by EDA to deploy resources towards our region’s economic recovery,” said Nancy Cowser, seCTer’s Executive Director. “Between our Procurement Technical Assistance Center, Small Business Lending program, Small Business Development Center Consultant, Economic Development services and tools, and now this funding, we have put the pieces together under one roof to amplify our service to the region’s municipalities, businesses, and our partners in economic recovery and resilience.”
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“The coronavirus pandemic has undoubtedly affected every community and every business in our region. Having financial support will help us to come out of this with greater strength and resiliency,” Cowser affirms.
The CARES Act, signed into law by President Trump in March 2020, provides EDA with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to the coronavirus pandemic. In May, Commerce Secretary Wilbur Ross announced that EDA would be accepting applications for CARES Act Recovery Assistance funding opportunities.
The 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.