This EDA investment capitalizes a $1,027,995 revolving loan fund (RLF) to lend to borrowers in the following geographic region: austin, brazoria, chambers, colorado, fort bend, galveston, harris,…

This $1.2 million Economic Development Administration Project Grant awarded by the Department of Commerce on May 10, 2022 capitalizes a $1,027,995 revolving loan fund (RLF) and provides $93,005 for administration to support economic recovery from the COVID-19 pandemic across 13 counties in southeast Texas. Under the Economic Adjustment Assistance (CFDA 11.307) program, the Gulf Coast Economic Development District, Inc. will utilize the RLF to provide loans to businesses, with funding also used to manage the loan program. Once implemented, the RLF and administrative funds will help alleviate sudden economic hardship caused by the pandemic and establish long-term resources to bolster regional economic resiliency in the Houston area.

This EDA investment capitalizes a $1,027,995 revolving loan fund (RLF) to lend to borrowers in the following geographic region: austin, brazoria, chambers, colorado, fort bend, galveston, harris, liberty, matagorda, montgomery, walker, waller, and wharton counties in texas. The project also provides $93,005 to defray the cost of administering the RLF. Once implemented, the project 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.