Congressman Tim Ryan Announces $1 Million for Barberton Community Development to Help Local Small Businesses Respond to Coronavirus
Washington, DC – Today, Congressman Tim Ryan (OH-13) announced $1 million CARES Act Recovery Assistance funding to the Barberton Community Development Corporation, in Barberton, Ohio, to capitalize and administer a Revolving Loan Fund (RLF) that will provide critical gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic in Ohio. This grant was made available through the Department’s Economic Development Administration (EDA).
“The economic pain inflicted by the COVID-19 pandemic has meant the future of many of our small businesses are hanging in the balance. As the economy in Northeast Ohio continues to battle COVID-19, this grant for Barberton Community Development Corporation will provide our local businesses with the support they need to weather the storm,” said Congressman Tim Ryan (OH-13).
“This investment comes 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 in the Barberton Community Development Corporation to capitalize and administer an RLF that will provide loans to coronavirus-impacted businesses in Barberton.”
Barberton Community Development Corporation, a current EDA RLF grantee, is one of the more than 850 existing, high-performing EDA Economic Development District, University Center, Tribal, and RLF grant recipients invited to apply for supplemental funding under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The CARES Act provides EDA with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to the coronavirus pandemic.
EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) (PDF) program, provides a wide-range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic. For complete information, please visit our recently updated EDA CARES Act Recovery Assistance page.