Two Delaware organizations get federal funding for Covid-19 gap loans

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U.S. Sens. Tom Carper, Chris Coons and Congresswoman Lisa Blunt Rochester announced that the U.S. Commerce Department’s Economic Development Administration awarded $1.8 million in CARES Act Recovery Assistance grants for revolving loan funds that will provide gap financing to small businesses and entrepreneurs that have been affected by the coronavirus pandemic in Delaware.

Recipients

  • True Access Capital Corporation, Wilmington, will receive a $1.2 million EDA CARES Act Recovery Assistance grant to support Delaware-based small businesses that have been negatively affected by the Covid-19 pandemic by capitalizing and administering a fund to provide loans to coronavirus-impacted businesses in Delaware.
  • Wilmington Economic Development Corporation, Wilmington, Delaware, will receive a $616,000 EDA CARES Act Recovery Assistance grant to respond to the coronavirus pandemic by capitalizing and administering an revolving fund to provide loans to coronavirus-impacted businesses in Wilmington.

“As so many Delaware small businesses and entrepreneurs still feel the financial strain of the COVID-19 pandemic, these EDA investments will help keep businesses open. The pandemic has caused immense hardship for small businesses and these investments will assist these businesses as they work hard to continue operating,”said Rep. Blunt Rochester. “I’m pleased that this funding from the CARES Act will be directed to those businesses which are truly the backbone of our economy.”

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