Portman Praises EDA $2.4 Million Federal Grant Awarded to Coronavirus-Impacted Businesses in Northwest Ohio
CINCINNATI, OH – Today, Portman praised the $2.4 million CARES Act Recovery Assistance grant awarded by the U.S. Department of Commerce’s Economic Development Administration (EDA) to the Toledo-Lucas County Port Authority. According to the EDA, this grant will create a Revolving Loan Fund that will provide critical gap financing to coronavirus-impacted small businesses in Lucas, Ottawa and Wood counties. This EDA grant, to be matched with $600,000 in local investment, is expected to create 50 jobs, retain 20 jobs, and generate $250,000 in private investment.
This grant comes from funds accessible thanks to the bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act, which Portman supported and was signed into law last year.
“This $2.4 million federal grant is great news for Northwest Ohio,” said Portman. “This grant, provided through the CARES Act, will help small businesses in Lucas, Ottawa, and Wood counties that have been impacted by the coronavirus pandemic by providing them with support to bridge the gap in their finances until they can afford to make payments. This grant will also support small businesses’ efforts to retain and create jobs. I was proud to support the CARES Act last year, and I am glad to see that it continues to help local communities while we work to overcome this crisis and get back to normal.”