The U.S. Department of Commerce’s Economic Development Administration is awarding a $547,705 CARES Act Recovery Assistance grant to the Autonomous Municipality of Caguas, the federal agency’s Secretary Wilbur Ross announced.
The funding will 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 Puerto Rico.”
“This investment will provide small businesses in Puerto Rico with the necessary capital to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient regional economy for the future,” Ross said.
The Autonomous Municipality of Caguas, a current 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 federal agency confirmed.
“This investment comes at a crucial time to help Puerto Rico’s and our nation’s economy come roaring back and provide hard-working Americans with new opportunities,” said Dana Gartzke, the EDA’s assistant secretary of commerce.
“Small businesses are the lifeblood of our communities, and EDA is pleased to invest these CARES Act funds in the Autonomous Municipality of Caguas to capitalize and administer an RLF that will serve coronavirus-impacted businesses in Caguas,” she said.