This EDA investment capitalizes a $775,179 revolving loan fund (RLF) to lend to borrowers in the following geographic region: south plains association of governments, panhandle and permian basin

The Department of Commerce Economic Development Administration awarded a $861,310 Project Grant under the Economic Adjustment Assistance program to capitalize a revolving loan fund and provide administrative costs. The grant will capitalize a $775,179 revolving loan fund to provide loans to borrowers in South Plains Association of Governments, Panhandle and Permian Basin regions of Texas. It will also provide $86,131 to the South Plains Association of Governments to cover the costs of administering the revolving loan fund. The revolving loan fund and administrative funding will alleviate sudden and severe economic dislocation caused by the COVID-19 pandemic and further the long-term economic adjustment objectives of the region by providing permanent resources to support economic resiliency. The grant period runs from September 19, 2022 to September 19, 2025.

This EDA investment also provides $86,131 to defray the cost of administering the RLF. The total EDA investment of $861,310 will alleviate sudden and severe economic dislocation caused by the coronavirus (covid-19) pandemic, provide permanent resources to support economic resiliency, and further the long-term economic adjustment objectives of the region served by this EDA investment.