EDA grants CARES Act revolving loan funds to Big Sky Economic Development
The U.S. Department of Commerce has awarded a nearly $2 million CARES Act Recovery Assistance grant to establish a revolving loan fund for businesses through Big Sky Economic Development.
The U.S. Economic Development Administration, or EDA, awarded $1.8 million to Big Sky Economic Development, or BSED. A match of $200,000 in local investment will be added for a $2 million revolving loan fund, according to a press release from the EDA.
The EDA revolving loan fund will be used to help business recover from the COVID-19 pandemic, as well as help businesses with entrepreneurial efforts. It’s expected to create 40 jobs and retain 14 jobs.