WASHINGTON, D.C. – U.S. Senators Shelley Moore Capito (R-W.Va.) and Joe Manchin (D-W.Va.), members of the Senate Appropriations Committee, today announced $3,750,000 for Appalachian Community Development Financial Intuitions (CDFI) to provide support for small businesses amid the coronavirus (COVID-19) outbreak. This funding is made available through the Appalachian Regional Commission (ARC) and will help support operational costs of community lenders in Appalachia that have suspended loan repayments from small businesses as the COVID-19 pandemic has severely limited operational opportunity and resources.
“As West Virginians, we are always ready to lend a helping hand to those in need,” said Senator Capito. “What our CDFIs and community lenders have done is no exception to that principle, and I am encouraged to see the willingness in Appalachian communities to provide support to one another during this uncertain time. Small businesses are the backbones of our communities, and we must provide the support they need to get through this pandemic. I am very pleases to see ARC’s contributions to this effort and look forward to future cooperation.”
“Small businesses in West Virginia are struggling due to the COVID-19 pandemic. This funding from ARC will help CDFIs provide loan deferrals to small businesses to free up cash flow, which will help our small businesses stay afloat during these challenging times. I am pleased ARC is assisting West Virginia businesses and I look forward to continuing our strong partnership,” said Senator Manchin.
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