Improving the capacity of revolving loan fund cares act recipients to deploy much needed capital with an emphasis to improve access to loans for diverse business owners

The Department of Commerce Economic Development Administration awarded a $790,020 project grant to the Institute For Local Self-Reliance, Inc. to improve the capacity of revolving loan fund CARES Act recipients to deploy capital with an emphasis on improving access to loans for diverse business owners.

Under the Economic Development Technical Assistance federal grant program, the Institute For Local Self-Reliance will provide technical assistance to revolving loan fund recipients from July 1, 2021 to June 30, 2023. Specifically, the organization will work to enhance recipients' ability to deploy funding through revolving loan funds to businesses impacted by the COVID-19 pandemic, with a focus on improving access to capital for business owners from underserved populations. This project supports EDA's goal of sharing best practices among communities utilizing economic development programs to address challenges arising from the public health emergency.