This EDA investment will capitalize a revolving loan fund to provide small businesses access to capital and increase economic resiliency in the wake of recent natural disasters in and around aberdeen,…

Ended Project Grant Awarded Last action

Award ID
ED24DEN0G0161
Recipient
Awarding agency
Obligated
$1,000,000

Award facts

Assistance listing
11.307 Economic Adjustment Assistance
Completion date
Funding
  • $800,000.00 Federal
  • $200,000.00 Non-federal
Place of performance
Aberdeen, SD 57401, USA

Award details come from USAspending.gov.

Description

As the agency reported it.

This EDA investment will capitalize a revolving loan fund to provide small businesses access to capital and increase economic resiliency in the wake of recent natural disasters in and around aberdeen, south dakota. Northeast council of governments development corporation is addressing the business impacts of multiple, regional natural disasters by providing capital financing to eligible loan recipients in the northeast council of governments economic development district. This region includes: beadle, brown, campbell, day, edmunds, faulk, hand, marshall, mcpherson, potter, spink, and walworth counties in south dakota. Businesses that receive loan funds are estimated to create 15 jobs and spur an additional $2 million in private investment in a highly rural region. In addition to jobs, this project will result in a new local source of capital for new, existing, and expanding businesses, which will promote further employment and economic growth.

Quick answers

Who received award ED24DEN0G0161?

ED24DEN0G0161 was awarded to Necog Development Corporation by Economic Development Administration (Department of Commerce) on May 16, 2024.

How much is award ED24DEN0G0161 worth?

$1,000,000 has been obligated on ED24DEN0G0161: $800,000 in federal funding and $200,000 in non-federal funding.

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