U.S. Department of Commerce Invests $550,000 in CARES Act Funding to Capitalize Revolving Loan Funds to Help Small Businesses in Eddy County Respond to Coronavirus

4 Sep 2020

Carlsbad, NM, July, 2020 Carlsbad Industrial Action, Inc. dba the Carlsbad Department of Development (CDOD) received a $550,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF program to provide loans to coronavirus-impacted small businesses in Eddy County.

U.S. Secretary of Commerce Wilbur Ross announced the award to the CDOD from the Department’s Economic Development Administration (EDA) CARES Act Recovery Assistance grants to capitalize and administer Revolving Loan Funds (RLFs) that will provide critical gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic in Eddy County, New Mexico. 

Read the full Press Release here.