Arlington nonprofit receives grants to boost minority businesses in the COVID era | news/arlington
The Arlington-based nonprofit ECDC Enterprise Development Group (EDG) was one of 12 projects selected for the Virginia Small Business Resiliency Fund program, with the $1.5 million grant awarded to EDG used to create financial programs and instruments to expand access to capital and provide technical assistance to small businesses affected by COVID-19.
“The recovery phase of COVID-19 cannot be taken lightly as many small businesses in Virginia communities continue to be impacted,” said Dr. Tsehaye Teferra, President and CEO of EDG. “Governor Northam’s Virginia Small Business Resiliency Fund funding comes at a much needed time for many business owners. EDG is committed to doing its part to strengthen the success of our local business communities to put people back to work.
The $1.5 million EDG Small Business Resilience Fund is for Arlington, Fairfax and Prince William counties and the city of Alexandria. The goal is to provide small business loans as well as pre- and post-loan technical assistance focused on helping entrepreneurs who have been disproportionately affected by the COVID-19 pandemic.
The ECDC Business Development Group was launched in 2001 to act as a bridge to improve the lives of immigrants and low-to-middle income people by providing access to small business loans and educational and skills-building programs.
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