Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) celebrated the awarding of a $3.3 million CARES Act Recovery Assistance grant to the Rural Nevada Development Corporation, Ely, Nevada, from the Department of Commerce’s Economic Development Administration (EDA). This funding is to capitalize and administer a Revolving Loan Fund (RLF) that will provide critical gap financing to small businesses and entrepreneurs in rural Nevada adversely affected by the coronavirus pandemic.
“Small businesses are the heart and soul of Nevada’s rural communities and this investment will help them keep their doors open and their workers safe as they weather this pandemic,” said Senator Catherine Cortez Masto. “I’m proud to have supported this critical grant program in the CARES Act, and will continue advocating for additional funding for rural Nevada business owners and employees as Congress negotiates the next relief package.”
The Rural Nevada 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 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 the EDA CARES Act Recovery Assistance page.
Senator Cortez Masto has strongly advocated for EDA’s that support infrastructure and rural investments in Nevada. She recently supported $1.5 billion in investments under the CARES Act and celebrated another grant of $400,000 to the Western Nevada Development District (WNDD).