Arkansas Economic Development Commission Redeploys $19 Million to Help Businesses Hurt by Coronavirus Outbreak

In a shift from offense to defense, the Arkansas Economic Development Commission (AEDC) is redeploying funds typically used for job creation projects to instead support existing Arkansas businesses that are being hurt by the business declines associated with the coronavirus outbreak. The state is offering bridge loans, generally of up to $250,000, to businesses. The funds come from two pools of money normally used for job creation economic development grants: the state Quick Action Closing Fund (QACF) and the federal Community Development Block Grant (CDBG) program. Businesses needing capital to sustain operations should consider working with AEDC. [More]