EDA Awards $1.8 Million to Establish Revolving Loan Fund in Disaster-Impacted Butte, Glenn, and Tehama Counties

Feb 25, 2020
Press Release

(Washington, DC) – Congressman Doug LaMalfa (R-Richvale) released the following statement after the Commerce Department’s Economic Development Administration (EDA) awarded $1.8 million to 3CORE, Inc. of Chico, California to establish a Revolving Loan Fund to generate 100 jobs and spur $6 million in private investment to wildfire-impacted Butte, Glenn, and Tehama counties.

LaMalfa said: “This $1.8 million grant from EDA will help strengthen the recovering local businesses that suffered following the Camp and Carr Fires. One-hundred jobs and millions of dollars in private investment will be generated by this Revolving Loan Fund, drastically improving the situations of businesses and families who are still trying to get back on their feet. I was happy to support the legislation that authorized this grant early last year, which also included some provisions I authored. I’m grateful for the Trump Administration’s constant support helping the North State recover from wildfire damage.”

“The Trump Administration continues to work diligently to rebuild communities devastated by natural disasters, including those impacted by the Camp Fire that ravaged northern California in 2018,” said Secretary of Commerce Wilbur Ross. “By providing small businesses with gap financing to recover and grow, this investment will create stronger and more economically resilient communities within the region.”

“EDA plays an important role in catalyzing local strategies to help rural regions prepare for and recover from natural disasters,” said U.S. Assistant Secretary of Commerce for Economic Development Dr. John Fleming. “We are pleased to support northern California’s business community as they work to help expand and strengthen the economy following damage caused by wildfires.”