DeFazio Announces $3.5 Million for Small Business Coronavirus Recovery Funding for Southwest Oregon
Rep. Peter DeFazio (OR-04) today announced that he has secured nearly $3.5 million in coronavirus recovery funding for small businesses across southwest Oregon.
“The unparalleled economic damage caused by the COVID-19 pandemic has disproportionately impacted small businesses across Oregon” said Rep. Peter DeFazio. “I’m proud to have secured these funds that will help Oregon’s small businesses keep their doors open while we recover from this unprecedented crisis.”
The U.S. Economic Development Administration (EDA) has awarded these funds, as part of the Coronavirus Aid Relief, and Economic Security (CARES) Act, to three Economic Development Districts in southwest Oregon to support small business growth and recovery:
- $1.5 million for the CCD Business Development Corporation in Roseburg, OR
- $1.1 million for the Lane Council of Governments in Eugene, OR
- $825,000 for the Oregon Cascades West Council of Governments in Albany, OR
These funds will be used to capitalize and administer a Revolving Loan Fund that will provide critical gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic.
In March, DeFazio urged the EDA to grant businesses impacted by the COVID-19 pandemic emergency assistance funding and pressed the agency to allow greater flexibility and expediency when awarding the funding.