Funding Awarded by the American Rescue Plan Act Revolving Loan Fund

WASHINGTON, D.C. [03/24/22]—U.S. Senator Tina Smith (D-Minn.) announced $400,000 in federal funding for the East Central Regional Development Commission (ECRDC). These funds were made available by the ‘Revolving Loan Fund’ provided by the American Rescue Plan (ARP) Act, which Senator Smith helped pass last year.

“The American Rescue Plan Act continues to make significant impacts for small businesses and entrepreneurs across Minnesota,” said Sen. Smith. “The last two years have been incredibly challenging but our economy is recovering. This fund will create 50 new jobs and save 50 existing jobs – ensuring 100 people will continue to be able to support themselves and their families.”

Since becoming law, the ARP Act has delivered historic economic relief to families, businesses, schools, and health care providers. The ECRDC supports small businesses and entrepreneurs in East Central Minnesota by initiating projects and programs to find solutions to regional problems and by providing technical assistance and connecting people to available resources. This funding will stimulate much-needed economic recovery as the region is healing from the COVID-19 pandemic.

 “Our Commission is eager to establish this new ARPA-funded revolving loan program and get these much-needed dollars out to our region’s small businesses and entrepreneurs to further strengthen and diversify the economy in east-central Minnesota,” said Ben Montzka, Chairman of the East Central Regional Development Commission.