(AVONDALE, La) — The Jefferson Parish Economic Development Commission (JEDCO) has been awarded a $1.5 million EDA CARES Act Recovery Assistance grant from the Economic Development Administration (EDA) to provide critical gap financing to small businesses and entrepreneurs adversely affected by COVID-19. The grant will allow JEDCO to capitalize and administer Revolving Loan Funds to businesses in Jefferson Parish.
The EDA investment will provide over $1.3 million to JEDCO to lend to eligible Jefferson Parish-based small businesses. An additional $130,000 will be given to JEDCO to offset the cost of administering the loan program. These funds were designed to alleviate sudden and severe economic challenges caused by the pandemic, provide valuable resources to support economic resiliency and further JEDCO’s economic development initiatives in Jefferson Parish.
JEDCO will administer these loans similarly to the JEDCO Growth Fund (JEDgrow) Program. JEDgrow was established to support the growth and economic development of Jefferson Parish-based businesses. Through this program, JEDCO offers loans up to $250,000 for a variety of uses, including commercial real estate, equipment, machinery, leasehold improvements, inventory, working capital and more. This year, JEDCO has approved 10 JEDgrow Loans for a total project cost of nearly $1.4 million
“This additional funding from the EDA is another resource through which JEDCO will support the small businesses in Jefferson Parish,” said JEDCO President and CEO Jerry Bologna. “JEDCO is committed to helping our community respond to this unprecedented challenge by deploying these funds and elevating growth opportunities for local businesses. Small businesses are the backbone of the Jefferson Parish economy and their success will fuel the resurgence of the regional economy.”
JEDCO is among four organizations that received $7.2 million in CARES Act funding across Louisiana. The CARES Act provides EDA with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to the coronavirus pandemic. Read the full press release here.
JEDCO is a Certified Development Corporation (CDC) with the capacity to administer SBA 504 Loans. In 2019, the organization was the top performing CDC in the state. Interested loan applicants for both the SBA 504 and the JEDgrow Program should reach out to JEDCO at 504-875-3908 or email firstname.lastname@example.org.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.