Lewis & Clark Regional Development Council (RDC) has received an investment award of $1,133,000 to capitalize a Revolving Loan Fund (RLF) to lend to small businesses adversely impacted by the COVID-19 pandemic in Burleigh, Emmons, Grant, Kidder, McLean, Mercer, Morton, Oliver, Sheridan, and Sioux counties.
The investment by the federal Economic Development Agency (EDA) is a part of the CARES Act Recovery Assistance. The EDA investment allows Lewis & Clark RDC to provide small business loans aimed at alleviating the sudden and severe dislocation caused by the pandemic, provide permanent resources to support economic resiliency, and further the long-term economic adjustment objectives within the region.
Lewis & Clark RDC, which is part of the Lewis & Clark Development Group, is the federally designated Economic Development District for the region.
“This is a big deal for our region. It’s a significant investment that allows us to provide yet another lifeline to small businesses and entrepreneurs,” says Brent Ekstrom, executive director of Lewis & Clark Development Group.
The investment further complements Lewis & Clark RDC’s ongoing pandemic economic recovery and resiliency efforts. Last month, the group was awarded $400,000 to coordinate the EDA’s response in the region. As part of these efforts, an online survey for businesses, economic development groups, lenders, and local government officials is currently available online at www.lcdgroup.org/covid19impact. Ekstrom says the survey data will help provide a more complete picture of the economic fallout from the pandemic and encourages participation in the survey.
Businesses interested in the Revolving Loan Fund are encouraged to contact Matt Burthold, Lewis & Clark Development Group commercial lending director, at (701) 667-760 or at email@example.com.