LEWISBURG — SEDA-COG received $6.3 million in new funding from the U.S. Department of Commerce’s Economic Development Administration (EDA) through revolving loan funds as a result of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The funding is meant to be reinvested to help struggling small businesses and entrepreneurs negatively affected by the coronavirus pandemic, according to a press release from the office of Democratic Sen. Bob Casey. A combined $35.5 million was distributed to organizations statewide to aid economic development assistance programs.
“The EDA’s revolving loan fund program provides access to capital to enable small businesses to grow and generate new employment opportunities and help them to retain jobs that might otherwise be lost, create wealth and support minority- and women-owned businesses,” the press release states.
SEDA-COG declined to elaborate since EDA hadn't issued a formal press release of its own.