BROWNSVILLE, Texas — On Thursday Congressman Filemon Vela announced the U.S. Economic Development Administration awarded the Brownsville Community Improvement Corporation (BCIC) $2 million.
The funds are targeted to small businesses and entrepreneurs through the CARES Act Recovery Assistance grant to capitalize and administer a Revolving Loan Fund, said the congressman’s news release.
These federal funds will allow BCIC to provide critical gap financing to small businesses and entrepreneurs unfavorably affected by the COVID-19 pandemic in Cameron County.
This project, to be matched with $500,000 in local funds, is expected to retain 2,500 jobs and create 1,000 jobs.
“I am proud to see legislation I voted in favor of will directly benefit my community in the amount of $2 million. Additionally, today’s EDA investment announcement for the Brownsville Community Improvement Corporation will lead to the creation of one thousand jobs. I look forward to continuing to support my community as we fight to overcome this deadly pandemic,” said Congressman Vela.