Lake George, N.Y. – Today, Congresswoman Elise Stefanik announced that Lake Champlain-Lake George Regional Planning Board (RPB) will receive over $3.2 million in U.S. Department of Commerce Economic Development Administration (EDA) grant funding. The funds will be coming from the EDA CARES Act Recovery Assistance program, which provides a wide-range of financial assistance to communities and regions, including access to capital for businesses, as they respond to and recover from the financial impact of COVID-19. This award will be used by the Lake Champlain-Lake George RPB to assist in economic development projects within the five-county area they serve: Clinton, Essex, Hamilton, Warren, and Washington, in addition to Lewis, St. Lawrence and Jefferson Counties. Congresswoman Stefanik was joined by other local elected officials, Department of Commerce officials, and local stakeholders for today’s announcement in Lake George.
“Our local communities and the businesses that support them have felt the severe economic impacts of the COVID-19 pandemic, and today’s announcement is a significant step in the right direction as we help them recover and rebuild,” said Congresswoman Stefanik. “I am proud to announce this $3.2 million EDA grant to support the important work that the Lake Champlain-Lake George Regional Planning Board does in fostering economic development and supporting small businesses in the North Country. Our local businesses have gone above and beyond these past few months to meet the needs of their communities, and with this new federal funding, the Regional Planning Board will be able to reach more of them and provide financial assistance. I was proud to vote in favor of the CARES Act, which provided this funding to the EDA, and I will continue to be a vocal advocate for programs and legislation that assist our North Country small businesses.”
“Our economy has been a casualty of the current pandemic making investment in economic development an even higher priority,” said Assemblyman Dan Stec. “This grant will bolster our regions efforts to recover and to assist our businesses to regain their footing as we continue to work through the challenges presented by COVID-19.”
“President Trump is working diligently every day to support our nation’s economy following the impacts of COVID-19 through the CARES Act,” said Secretary of Commerce Wilbur Ross. “These investments will provide small businesses across Eastern New York with the necessary capital to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient state economy for the future.”
“The Lake Champlain – Lake George Regional Planning Board has a long standing partnership with the Economic Development Administration in responding to local and regional needs, and the COVID-19 pandemic is no exception,” said Lake Champlain-Lake George Regional Planning Board Director, Beth Gilles. “This newly capitalized Revolving Loan Fund will provide small businesses throughout eight upstate counties with low interest loans for economic recovery and resiliency as a result of the COVID-19 pandemic, and we thank the EDA and Congresswoman Stefanik for their continued support of the work of the Regional Planning Board.”
“The new loan grant fund provided by DOC EDA to the Lake Champlain / Lake George Regional Planning Board will have a positive impact in assisting otherwise successful businesses, who have been impacted by COVID-19 and requiring a source for a low interest rate cash injection enabling them to be successful once more,” said Samuel J. Hall, Chairman of the Washington County Board of Supervisors.