$2.65M in CARES Act funding announced for NEPA small businesses

PITTSTON — Jeffrey Box, President and CEO of the NEPA Alliance, Tuesday said funding received through the CARES Act Recovery Assistance grant program represent much-needed loan funds for small businesses in Northeast PA so they can recover from the COVID 19 crisis.”

U.S. Rep. Matt Cartwright, D-Moosic, announced that two economic development organizations will receive awards totaling $2.65 million from the Economic Development Administration (EDA) through the CARES Act Recovery Assistance grant to capitalize revolving loan funds (RLF) and help small businesses.

• The NEPA Alliance, Pittston, will receive a $2.1 million award to serve coronavirus impacted businesses in Carbon, Lackawanna, Luzerne, Monroe, Pike, Schuylkill, and Wayne counties with loans to help them respond to the coronavirus pandemic.

• The Northeastern Pennsylvania Industrial Resource Center (NEPIRC), Hanover Township, will receive a $550,000 award to serve coronavirus pandemic impacted businesses in Carbon, Schuylkill, Sullivan, Lackawanna, Tioga, Luzerne, and Wyoming counties.

“I am proud to see funds from the CARES Act going to vital partners like the NEPA Alliance and NEPIRC, so they can continue helping small businesses adapt through the coronavirus pandemic,” said Cartwright, a member of the Appropriations Committee. “Our recovery is on the line right now, and I am going to keep fighting for the resources we need to help our struggling communities move into better days.”

Box said the funds will be used to provide low interest loans to small businesses in the NEPA region.

“We work with hundreds of small business every year that need low interest financing for business expansion, job creation and retention,” Box said. “These EDA funds will be specifically targeted at businesses that need low interest capital for COVID-19 recovery.”

Box said the NEPA Alliance is a full-service economic development lender offering nine business loan programs including the Economic Development Administration (EDA) loan fund that has been recapitalized through the CARES Act.

Eric Esoda, President and CEO of NEPIRC, said this EDA investment will allow NEPIRC to provide low-interest and, in certain cases, interest-free loans to businesses to accelerate their recovery from the COVID-19 pandemic, invest in new technologies and capture new markets.

“At a time when our business community is struggling, this investment will make a meaningful difference,” Esoda said. “Loan programs such as this are proven to generate positive long-lasting impacts upon the communities in which they are invested. We appreciate the Congressman’s foresight and leadership in continuing to advocate for EDA investments across northeastern Pennsylvania.”

According to information from Cartwright’s office, the CARES Act provided the EDA with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to the coronavirus pandemic. These awards to the 8th Congressional District are part of $35.5 million in CARES Act Recovery Assistance grants awarded nationally for Revolving Loan Funds (RLFs) that will provide critical gap financing to small businesses and entrepreneurs that have been adversely affected by the coronavirus pandemic across Pennsylvania.