The Houston-Galveston Area Local Development Corporation works collaboratively with the Gulf Coast Economic Development District to operate and administer loan programs through the U.S. Economic Development Administration. In August 2020, the Economic Development Administration awarded a $1.6 million grant to the Gulf Coast Economic Development District through the Coronavirus Aid, Relief and Economic Security Act (CARES Act).  Within months, the Local Development Corporation and Gulf Coast Economic Development District had fully distributed these funds to nearly 50 needy businesses through its revolving loan program. Because we spent our funds so quickly, indicating a significant demand in our region, the Economic Development Administration reallocated $1,120,000 in unspent funds from other regions to the Gulf Coast Economic Development District.

Although COVID-19 originally affected businesses more than two years ago, we have recent data that points to current business demand. Last month, the Local Development Corporation and Gulf Coast Economic Development District launched a new small business funding program in partnership with Fort Bend County – Triple R. The program received almost 1,200 applications from Fort Bend county businesses over the course of six weeks. Given that we serve a 13-county area, the Local Development Corporation and Gulf Coast Economic Development District have an opportunity to expand their efforts to serve even more impacted businesses through these additional funds. Because this program is a revolving loan fund, as funds are repaid, we would lend funds to additional impacted businesses.

U.S. Economic Development Administration 

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Request approval to accept the $1,120,000 award from the U.S. Economic Development Administration. (Staff Contact: Ronnie Barnes)