Feds Invest $32 Million to Help Florida Businesses and Communities Rebuild in Wake of Hurricane Irma - South Dade News Leader: Community News | South Dade News Leader | Miami Dade County

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Feds Invest $32 Million to Help Florida Businesses and Communities Rebuild in Wake of Hurricane Irma

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Posted: Friday, September 7, 2018 12:45 am

This week, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $32 million grant to the Florida Department of Economic Opportunity to fund the state’s Revolving Loan Fund (RLF) program, which, in turn will help businesses rebuild following the destruction caused Hurricane Irma.

“The Trump Administration has always remained committed to aiding the American communities devastated in the wake of hurricanes and other

natural disasters,” said Secretary of Commerce Wilbur Ross. “This

program (will) help Florida towns and cities rebuild following the damage caused by Hurricane Irma.”

“This money will go a long way toward helping Florida businesses get back on their feet,” said U.S. Sen. Bill Nelson (D-FL). “Senator Rubio and I fought hard to get this money. I’m glad to see it’s finally out the door and on its way to help those who need it.”

The Revolving Loan Fund will provide businesses with the affordable capital they need to repair, replace, and improve the operations which were

disrupted by Hurricane Irma. It also provides access to capital for

businesses to start-up and expand in Florida, encouraging job creation and economic diversification throughout the state.

This project is funded under the Bipartisan Budget Act of 2018, in which Congress appropriated to EDA $600 million in additional Economic Adjustment Assistance (EAA) Program funds for disaster relief and recovery as a result of Hurricanes Harvey, Irma, and Maria, wildfires, and other calendar year 2017 natural disasters under the Stafford Act.

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