This EDA cares act award will help create the new urban league of greater cleveland ubiz revolving loan fund (RLF)
Project Grant Awarded
- Award ID
- 067906327
- Recipient
-
Urban League Of Greater Cleveland, Inc. UEI HT1YUYB5A321
- Awarding agency
-
Economic Development Administration
Department of Commerce
- Obligated
- $2,250,000
Award facts
- Assistance listing
- 11.307 Economic Adjustment Assistance
- Completion date
- Not on record
- Funding
-
- $1,800,000.00 Federal
- $450,000.00 Non-federal
- Place of performance
- Cleveland, OH 44115, USA
Award details come from USAspending.gov.
About this award
This $2.25 million Economic Adjustment Assistance Project Grant from the Department of Commerce Economic Development Administration will help create the new Urban League of Greater Cleveland UBIZ Revolving Loan Fund. The RLF will provide small businesses throughout Cuyahoga County, Ohio with access to capital to aid recovery from adverse economic impacts of the COVID-19 pandemic. The Urban League estimates lending through the RLF will catalyze $3 million in private investment and help create 300 new jobs. The EDA's Economic Adjustment Assistance program supports regions facing economic changes through various technical, planning, infrastructure and public works assistance.
Description
As a primary economic driver in northeast ohio, cuyahoga county is one of region's employment hubs. Business closures and related job losses from the covid-19 pandemic devastated the region's economy, and access to capital can provide small businesses and entrepreneurs a critical bridge to recovery in the aftermath of disasters and other disruptions. The new EDA-funded RLF will provide small businesses throughout cuyahoga county with access to capital that they would not otherwise have. The applicant estimates that lending by the fund will catalyze $3 million in private investment and help create 300 new jobs.
Quick answers
Who received award 067906327?
067906327 was awarded to Urban League Of Greater Cleveland, Inc. by Economic Development Administration (Department of Commerce) on July 22, 2021.
How much is award 067906327 worth?
$2,250,000 has been obligated on 067906327: $1,800,000 in federal funding and $450,000 in non-federal funding.
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