WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown (D-OH) announced that the United States Economic Development Administration’s (EDA) CARES Act Recovery Assistance grant program has awarded $1,045,000 to the Barberton Community Development Corporation. The funds will be used to create and administer a Revolving Loan Fund (RLF) to provide financing to small businesses and entrepreneurs in Ohio that have been adversely affected by the COVID-19 pandemic.
“These funds will provide Barberton with the additional tools and resources to address the economic fallout from Covid-19,” said Brown. “This investment will help support economic growth in the region.”
The EDA is the only federal government agency focused exclusively on economic development. The program is designed to provide financial assistance to communities and promote economic development. The CARES Act, signed into law on March 27, 2020, provides the EDA with $1.5 billion specifically for economic development assistance programs to help communities prevent, prepare, and respond to coronavirus.