Feds announce economic development funding

WASHINGTON (KIFI/KIDK) - The U.S. Department of Commerce is awarding $10.9 million in CARES Act Recovery Assistance grants to capitalize and administer Revolving Loan Funds in Idaho. Those accounts will be used to help businesses and entrepreneurs adversely affected by COVID-19.

Of the total, East Central Idaho Planning and Development in Rexburg will receive $2.266 million in EDA CARES Act Recovery funds to strengthen and diversify the rural economy of the region. It will provide a loan fund to businesses in Bonneville, Butte, Clark, Custer, Fremont, Jefferson, Lemhi, Madison and Teton Counties.

The Southeast Idaho Council of Governments in Pocatello will receive $1.243 million to collaborate on small business investments that create and preserve jobs. It will help capitalize and administer a revolving loan fund in Oneida, Bear Lake, Franklin, Caribou, Power, Bannock and Bingham Counties.

Earlier this week, the Economic Development Administration announced grants to help each agency pull together an infrastructure to manage the grants.