In July of 2020, the ECICOG Revolving Loan Fund (RLF) program received a $4 million CARES Act grant from the Economic Development Administration (EDA) to promote COVID recovery with special loan terms, including 0% interest for one to two years. The ECICOG Board approved the last two CARES Act loans on the grant deadline date of June 30, 2022.
Successfully loaning the grant funds within the two-year grant period ensures the funds will remain in our region and continue to revolve in the form of new loans as the original loans are repaid. Funds from the CARES Act grant went to 23 businesses and have created jobs in the technology, services and manufacturing industries. While special terms of the CARES Act funds have expired, ECICOG still has low interest loans available to help our region’s businesses grow.