Brown Announces $900,000 for Revolving Loan Fund to Serve Small Businesses in Franklin County

WASHINGTON, D.C. - Today, U.S. Senator Sherrod Brown (D-OH) announced that the Department of Commerce's Economic Development Administration (EDA) is awarding a $900,000 grant to the Columbus-Franklin County Finance Authority in Columbus to administer a revolving loan fund that will serve small businesses. The EDA investment will be matched with $540,000 in local funds and is expected to create 40 jobs, retain 80 jobs and generate $400,000 in private investment, according to grantee estimates. The funds were made possible through the American Rescue Plan, which Brown helped write and pass.

"Small, home-grown businesses are the backbone of Ohio's economy and are anchors in so many communities," said Brown. "Right now, many small businesses are facing unique challenges and thanks to the American Rescue Plan, we are investing in local businesses and ensuring that Ohio communities have the resources they need to create jobs and improve the lives of their residents."

This grant will provide gap financing to help small, local businesses recover, grow and create new employment opportunities in the city of Columbus and throughout Franklin County.

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.

EDA grants are awarded through a competitive process based upon the application's merit, the applicant's eligibility, and the availability of funds. More information on EDA's grant process and investment process can be found at https://www.eda.gov/.

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