Washington, DC - Representative Gene Green today announced that the U.S. Department of Commerce has given the Gulf Coast Economic Development District two grants totaling $10.9 million which will assist southeastern Texas communities and businesses impacted by Hurricanes Ike and Gustav in 2008.
“I am glad that the Department of Commerce recognizes the continuous need for support of the communities and businesses that are not only still reeling from the Hurricanes Ike and Gustav, but those that have also been further affected by the current economic downturn,” said Green.
$10 million will be sent to the Gulf Coast Economic Development District in order to create a revolving loan fund that will assist businesses severely impacted by Hurricanes Ike and Gustav.
An additional $900,000 will be sent to the Gulf Coast Economic Development District to reduce economic dislocations resulting from the hurricanes, and to improve responsiveness and effectiveness in the recovery process. These funds are intended to develop and assist in the monitoring of several Economic Development Administration disaster recovery projects.
EDA serves as a venture capital resource to meet the economic development needs of distressed communities throughout the United States.
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