Laredo Times

The Economic Development Administration has released $7.2 million in CARES Act funding to 12 economic development agencies across Texas to provide assistance grants to small businesses to help them survive the COVID-19 pandemic, with the South Texas Development Council in Laredo receiving $400,000. 

“This funding will strengthen Texas’ economic recovery efforts as we respond to COVID-19,” Gov. Greg Abbott said. “Small businesses and entrepreneurs across the state are vital to Texas’ economic success, and need all the help they can get as they adapt to the pandemic. I thank our federal partners for working alongside the State of Texas to provide our communities with resources to help overcome this challenge and keep Texans safe.”  

CARES Act funding ranging from approximately $550,000 on up to $4.3 million will be provided to a dozen economic development organizations to help small businesses. The $400,000 being awarded to the organization in Laredo will help the community improve its strategy for recovery from the coronavirus pandemic, in addition to leading to regional economic resiliency. 

Other recipients include LiftFund Inc., a small business nonprofit in San Antonio, Gulf Coast Economic Development District in Houston, CEN-TEX Certified Development in Austin, South Texas Development in Laredo and Northeast Texas Development in Texarkana.

Sen. John Cornyn (R-Texas) said the CARES Act money is sorely needed.

“Small businesses in Texas have borne the brunt of the pandemic’s devastating impact,” he said. “I applaud this announcement and will continue to do everything I can to make sure Texas small businesses have what they need to survive this crisis.”