$1 Million CARES Act Revolving Loan Fund Established to Assist Lawrence County Businesses
RAPID CITY, SD 8.28.20 – Black Hills Community Economic Development (BHCED) has received $1 million in CARES Act funding to capitalize and administer a Revolving Loan Fund for Lawrence County. This new revolving loan fund will provide critical gap financing to small businesses and entrepreneurs in Lawrence County in response to the coronavirus pandemic.
These funds were awarded through the U.S. Department of Commerce’s Economic Development Administration as part of the recent CARES Act package designed to provide federal economic development assistance programs to help communities prevent, prepare for, and respond to the coronavirus pandemic.
BHCED Executive Director Fran White stated, “This is a great resource to help the economy of Lawrence County recover from the current pandemic. We want to help businesses which have been negatively impacted by COVID-19 with these funds, but we also want to support new business growth to improve the health of the overall economy.”
Lawrence County businesses interested in applying or learning more, should contact BHCED loan officer Jerred Tarrell at JTarrell@wrbsc.com or 605-721-7437.