Congressman Brian Higgins has announced a substantial boost for small businesses in Western New York, as the U.S. Economic Development Administration (EDA) has granted over $6 million in funding to support entrepreneurs in Erie and Niagara counties. This funding comes as part of the $19 million earmarked for the region under the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed by the House of Representatives in March.
Empowering Local Entrepreneurs
Higgins underscored the significance of this investment, noting the severe impact of the pandemic on small businesses in Western New York. The Erie County Industrial Development Agency is set to receive $5.4 million, while the Niagara County Industrial Development Authority will be awarded $737,000. These grants will enable both agencies to establish a revolving loan fund program aimed at providing financial assistance to small businesses grappling with economic challenges resulting from the coronavirus crisis.
Regional Boost
The EDA's funding extends beyond Erie and Niagara counties, with awards also being granted to various organizations in the Western and Central New York region. Recipients include the Chautauqua County Industrial Development Agency, Central New York Regional Planning and Development Board, the Southern Tier Enterprise Development Organization, and the Regional Economic Development and Energy Corp, all together receiving a total of $19 million to foster small business growth and recovery in the area.
Promoting Economic Progress
Despite President Donald Trump's initial proposal to eliminate the EDA, Congress recognized the agency's crucial role in promoting economic development and job creation in distressed regions and reinstated its funding. Numerous initiatives in Western New York, like Launch NY, a startup mentorship program, and the collaboration between the UB Regional Institute and the Town of Tonawanda on the 'Tonawanda Tomorrow' project, have benefited from EDA support.
In summary, the allocation of over $6 million in CARES Act funding to Erie and Niagara counties is a significant stride in bolstering the small business community in the region amidst these challenging circumstances.