This EDA investment capitalizes a $1,000,000 revolving loan fund (RLF) to lend to borrowers in the following geographic region: clay, parke, putnam, sullivan, vermillion, and vigo counties in indiana

This $1.8 million Project Grant from the Department of Commerce Economic Development Administration (EDA) under the Economic Adjustment Assistance (EAA) program (CFDA 11.307) capitalizes a $1 million revolving loan fund (RLF) administered by West Central Indiana Economic Development District, Inc. (Thrive West Central). The RLF will provide loans to small businesses and entrepreneurs in Clay, Parke, Putnam, Sullivan, Vermillion, and Vigo counties in Indiana to aid economic recovery from the adverse impacts of the COVID-19 pandemic. By providing access to capital, the RLF aims to promote job creation and retention, attract private investment, and bolster long-term economic resiliency throughout the region. The May 17, 2022 award will alleviate sudden and severe economic dislocation caused by the pandemic and establish permanent resources to support ongoing economic adjustment as outlined under the EAA program.

The EDA investment will alleviate sudden and severe economic dislocation caused by the coronavirus pandemic, provide permanent resources to support economic resiliency, and further the long-term economic adjustment objectives of the region. 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.