CARES Act Heading to Berwyn

Lawndale News Chicago's Bilingual Newspaper - Business

Lawndale News Chicago's Bilingual Newspaper - Business

U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $2 million CARES Act Recovery Assistance grant to the Berwyn Development Corporation, Berwyn, Illinois, to capitalize a Revolving Loan Fund that will provide critical gap financing to small businesses in the Chicago suburb. This EDA grant, to be matched with $500,000 in local investment, is expected to create 250 jobs, retain 100 jobs, and generate $35 million in private investment. This project is funded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136), which provided EDA with $1.5 billion for economic assistance programs to help communities prevent, prepare for, and respond to coronavirus. EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) 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.

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