Missouri receives over $4 million in CARES Act funding for small businesses

With help from federal funding, Missouri will be able to further help businesses and entrepreneurs affected by COVID-19.

On Friday, U.S. Department of Commerce Secretary Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $4.8 million in CARES Act Recovery Assistance grants to capitalize and administer Revolving Loan Funds (RLFs), according to a Friday news release from the department.

Funding will help provide financing to small businesses and entrepreneurs who have struggled financially as a direct result of COVID-19.    

“These investments will provide small businesses across Missouri with the necessary capital to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient state economy for the future,” Ross said.

Gov. Mike Parson addressed the result COVID-19 has had on businesses across the state, saying the additional federal investment will greatly benefit severely impacted businesses.

Senator Roy Blunt highlighted the impact funding would have for Missouri businesses, saying funding will further help a business rebound.

“Small businesses create the majority of new jobs in our economy and enhance the quality of life in the communities they serve,” Blunt said. “We need to be sure small business owners and their employees have the support they need to get through this pandemic so they’ll be able to rebound quickly. The investments announced today will help keep us moving in the right direction as our economy gets back to full speed.”

Congressman Sam Graves echoed Blunt’s sentiments, saying the newly announced funding will provide critical support.

“Small businesses are the lifeblood of rural Missouri and these Revolving Loan Funds will play a big part in rebuilding our economy,” Graves said.