Sainato: More than $1 million awarded to boost Lawrence County businesses

NEW CASTLE, Sept. 14 – Lawrence County businesses will have access to new loan funding thanks to $1.1 million awarded to the Lawrence County Economic Development Corporation, state Rep. Chris Sainato announced today.

Sainato, D-Lawrence, said the funding from the state Department of Community and Economic Development will allow the local economic development partner to create or recapitalize revolving loans for small businesses.

“The new funding will strengthen resources for small business in our community by expanding access to loan funding,” Sainato said. “Having cash on hand for daily operations and other expenses is more important than ever as businesses continue rebuilding, and this fresh infusion of funding will help with that effort.”

The funding is part of a package of $246 million in American Rescue Plan funding awarded statewide under both the Revolving Loan Fund and the Direct Venture Investment programs.

Capital programs administered by economic development partners are scheduled to be open by Oct. 17. Small businesses should apply for funding through their economic development organizations.

More about the funding is available here: