A revolving loan fund has been established for small businesses in Wyoming to help provide gap financing for those economically impacted by the coronavirus.
The Wyoming Smart Capital Network (WSCN) will be administering the Rural Development Fund with $4 million in grant money from the US Department of Commerce, Economic Development Administration’s CARES Act Recovery Assistance Program.
According to a release, EDA’s investment will be matched with $1 million from the WSCN, and is expected to create 200 jobs, retain 50 jobs, and generate $60 million in private investment.
Funds can be used for working capital, equipment purchases and land or building acquisition. Construction and renovation of owner-occupied buildings under $10,000 are also allowable.
(Mauren Kennedy)
Philander Smith College in Little Rock will receive a $2.5 million CARES Act Recovery Assistance grant to develop the HBCU Center of Excellence in Digital Education and Rural Workforce Development.
The grant, awarded by the U.S. Economic Development Administration, will be matched by $638,420 in local dollars, according to the U.S. Department of Commerce. The project is expected to create 65 jobs and generate $400,000 in private investment, it said.
Philander Smith President Roderick Smothers told Arkansas Business late Tuesday that this grant will give the college the capacity to do three things: help the community recover from COVID-19 by providing people with the upgraded skills they need to work or go back to work, reach rural communities, and prepare its students for the future.