The U.S. Economic Development Administration has awarded the Brownsville Community Improvement Corporation $2 million for small businesses and entrepreneurs through the CARES Act Recovery Assistance grant to capitalize and administer a Revolving Loan Fund, U.S. Rep. Filemon Vela Jr., D-Brownsville announced.
These federal funds will allow BCIC to provide critical gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic in Cameron County, the congressman said in a press release. This project, to be matched with $500,000 in local funds, is expected to retain 2,500 jobs and create 1,000 jobs.
“Small, family-owned businesses are among the hardest hit by the coronavirus pandemic. Now more than ever, I am committed to ensuring that small businesses, which are the engines of the American economy, have access to the capital they need to succeed,” said Vela. “I am proud to see legislation I voted in favor of will directly benefit my community in the amount of $2 million. Additionally, the EDA investment announcement for the Brownsville Community Improvement Corporation will lead to the creation of one thousand jobs. I look forward to continuing to support my community as we fight to overcome this deadly pandemic.”
Josh Mejia, BCIC executive director, said, “As our region continues to recover from the economic impact of the COVID-19 pandemic, we cannot be more proud of enhancing our partnership with the U.S. Department of Commerce in providing our entrepreneurs access to capital to continue recovering, innovating, and boosting the resilience to economic volatility. We thank all of our partners that continue working diligently to address such foundational challenges prevalent in our region, such as access to capital. The recent announcement of $2M is a great first step towards accomplishing our objective of fortifying and diversifying our state’s economy.”
