This EDA investment capitalizes a $2,000,000 revolving loan fund (RLF) to lend to borrowers in the following geographic region: boone, mchenry, and winnebago counties in illinois
Project Grant Awarded
- Award ID
- 067906395
- Recipient
-
Rockford Local Development Corp UEI SMSECYR6M4Y5
- Awarding agency
-
Economic Development Administration
Department of Commerce
- Obligated
- $2,000,000
Award facts
- Assistance listing
- 11.307 Economic Adjustment Assistance
- Completion date
- Not on record
- Funding
-
- $1,600,000.00 Federal
- $400,000.00 Non-federal
- Place of performance
- Illinois, USA
Award details come from USAspending.gov.
About this award
This $2 million Economic Development Administration Project Grant capitalizes a revolving loan fund to provide access to capital for small businesses and entrepreneurs recovering from the coronavirus pandemic in Boone, McHenry, and Winnebago Counties, Illinois. Administered by the Rockford Local Development Corporation, the revolving loan fund will promote job creation, retention, and economic resiliency in the region by attracting private investment through loans to borrowers. Awarded on March 31, 2022, this EDA investment falls under the Economic Adjustment Assistance program to support regions experiencing adverse economic changes through technical assistance and public works infrastructure projects.
Description
Once implemented, the RLF will provide access to capital to help small businesses and entrepreneurs recover from the coronavirus pandemic, which will promote job creation and retention, attract private investment, and bolster economic resiliency throughout the region.
Quick answers
Who received award 067906395?
067906395 was awarded to Rockford Local Development Corp by Economic Development Administration (Department of Commerce) on March 31, 2022.
How much is award 067906395 worth?
$2,000,000 has been obligated on 067906395: $1,600,000 in federal funding and $400,000 in non-federal funding.
On GovTribe
See this award's full record
- Every transaction and subaward
- The recipient's other awards and teaming partners
- Similar grant awards
- Ask GovTribe AI about this award