Portman Applauds U.S. Department of Commerce’s Investment of $8.8 Million in CARES Act Funding to Help Small Businesses Across Ohio Respond to COVID-19 

August 10, 2020 | Press Releases

WASHINGTON, DC – Today, U.S. Senator Rob Portman (R-OH) applauded the U.S. Commerce Department’s Economic Development Administration (EDA) for awarding $8.8 million in CARES Act Recovery Assistance grants to capitalize and administer Revolving Loan Funds (RLFs) that will provide critical gap financing to small businesses and entrepreneurs across Ohio who have been adversely impacted by the ongoing COVID-19 pandemic.       

These grants comes from funds accessible thanks to the bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act, which Portman supported and was signed into law by President Trump. 

“The $8.8 million in CARES Act Recovery Assistance grants announced by Secretary Ross is terrific news for cities and towns throughout the state of Ohio as these funds will help bridge a financing gap for small business owners who have been adversely affected by the ongoing COVID-19 pandemic,” said Portman. "I’m pleased to see this CARES Act rescue money helping Ohio’s small business and entrepreneurs so they can continue to serve as the backbone of communities across our state as the state continues to safely reopen. I will continue to work with my colleagues to ensure Ohio’s small businesses have the resources they need during these uncertain times." 

“President Trump is working diligently every day to support our nation’s economy following the impacts of COVID-19 through the CARES Act,” said Secretary of Commerce Wilbur Ross. “These investments will provide small businesses across Ohio with the necessary capital to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient state economy for the future.”

“These investments come at a crucial time to help Ohio’s and our nation’s economy come roaring back and provide hard-working Americans with new opportunities,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “Small businesses are the lifeblood of our communities, and EDA is pleased to invest these CARES Act funds so that Ohio businesses have access to capital to respond to and recover from the coronavirus pandemic.”

The EDA investments announced today are:

  • The City of Cleveland will receive a $4 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to make loans to coronavirus impacted small businesses in Cleveland. The working capital funds will help the businesses thrive and ensure that the local economy becomes more resilient and equitable, which aligns with the city’s ReStart CLE initiative.
  • Ashtabula County 503 Corp will receive a $1.9 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to make loans to coronavirus impacted small businesses in Ashtabula County which need of improvements, expansion or innovation to survive and grow during the pandemic.
  • Fairfield County will receive a $913,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to make loans to coronavirus impacted small businesses in Fairfield County to mitigate the loss of workforce opportunities and sustain a diverse economic base.
  • The City of Springfield will receive a $825,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to make loans to coronavirus impacted small businesses in the City of Springfield. Efforts will include implementing strategies to grow and sustain Springfield’s small business community and spur economic development.
  • Ohio Mid-Eastern Governments Association will receive a $594,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to make loans to coronavirus impacted small businesses in Belmont, Carroll, Columbiana, Coshocton, Guernsey, Harrison, Holmes, Jefferson, Muskingum, and Tuscarawas. In addition to financial assistance, efforts may include developing and implementing a region-specific recovery plan that will assist in the retention and expansion of the region’s business sector.
  • Ohio Valley Regional Development Commission will receive a $550,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to make loans to coronavirus impacted small businesses in Adams, Brown, Clermont, Fayette, Gallia, Highland, Jackson, Lawrence, Pike, Ross, Scioto, and Vinton counties. The Working Capital Loan Program would provide operating capital loans to existing small businesses to help meet the demands of doing business during the pandemic and through the recovery.