U.S. Department of Commerce Invests $2.4 Million to Capitalize Revolving Loan Fund to Support Small Businesses in North Idaho

WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $2.4 million grant to the Panhandle Area Council in Hayden, Idaho, to capitalize a Revolving Loan Fund (RLF) to bolster small business development and expansion.

This grant will support the growth of small businesses by providing them with the capital they need to grow and thrive. This EDA investment will be matched with $600,000 in local funds.

The Biden-Harris Administration’s Investing in America agenda is a commitment to ensuring that all communities have the resources needed to grow strong, resilient regional economies,” said Secretary of Commerce Gina Raimondo. “This EDA investment will help support workers and small businesses by creating new economic opportunity in North Idaho communities.”

“The Economic Development Administration works closely with local communities to support place-based economic growth,” said Deputy Assistant Secretary for Policy and External Affairs, performing the non-exclusive functions and duties of the Assistant Secretary for Economic Development Cristina Killingsworth. “This Revolving Loan Fund will allow new businesses to start and existing businesses to grow in North Idaho.”

This project is funded under the Disaster Relief Supplemental Appropriations Act, 2023, which provided EDA with $483 million in additional Economic Adjustment Assistance (EAA) Program funds for disaster relief and recovery for areas that received a major disaster declaration under the Robert T. Stafford Act as a result of Hurricanes Ian and Fiona, wildfires, flooding, and other natural disasters occurring in calendar years 2021 and 2022. Please visit EDA’s Disaster Supplemental webpage for more information.

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 invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.