Redwood Economic Development gets $1M federal grant
U.S. Secretary of Commerce Penny Pritzker announced last week that the Department’s Economic Development Administration (EDA) is awarding a $1 million grant to the Redwood Region Economic Development Commission of Eureka to recapitalize a Revolving Loan Fund (RLF) for the County of Humboldt.
Redwood Region Economic Development Corporation serves the entire county and oversees Humboldt Made, The Humboldt-Del Norte Film Commission, Fly Humboldt!, the Headwaters Fund and the county’s Workforce Develoment Board. Southern Humboldt is represented by Redway’s Michael McKaskle, who is on both the executive committee and 2016 board of directors.
“Small and medium-sized businesses are the backbone of our country and are crucial to our nation’s economy,” Pritzker said in a release. “The EDA investment ... fortifies a critical source of capital for small businesses in Humboldt County that might otherwise be unable to secure essential funding.”
“The Redwood Economic Development Commission provides vital support for local businesses across Humboldt County and encourages economic growth and opportunity throughout the community,” North Coast Rep. Jared Huffman said. “I am grateful to see the EDA support economic success in my district with this much-needed federal funding.”
The RLF aims to spur economic growth and job creation in the region by offering credit capital to entrepreneurs and small and medium-sized businesses in the manufacturing, trade, tourism and service sectors to help them expand their businesses, purchase equipment, improve efficiency, and meet regulatory requirements.
For more information, visit www.rredc.com.