Port Authority receives $2.4 million grant from CARES Act
TOLEDO, Ohio (WTVG) - The Toledo-Lucas County Port Authority received a $2.4 million CARES Act Recovery Assistance Grant from the U.S. Department of Commerce to aid businesses in northwest Ohio.
The Economic Development Administration’s grant will be matched with $600,000 in local investment, establishing a $3 million fund that is expected to be available in the second quarter of 2021.
“We are honored to receive this award at a critical junction in our economic recovery,” said Thomas J. Winston, President and CEO of the Toledo-Lucas County Port Authority. “We look forward to partnering with local entities in deploying these funds across Northwest Ohio in helping businesses retain and create jobs throughout the region.”
The Port Authority will create a Revolving Loan Fund for eligible businesses throughout Lucas, Ottawa, and Wood counties. It will help to address a regional weakness in access to capital and support the overall goals of the Comprehensive Economic Development Strategy (CEDS) for the region.
For more information on the implementation of this program, including timing and process for applying, visit toledoport.org.
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