The non-profit, Arlington-based 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 programs and financial instruments to expand access to capital and to provide technical assistance for COVID-19-impacted small businesses.
“The recovery phase of COVID-19 cannot be taken lightly, as many small businesses in Virginia’s communities continue to be adversely impacted,” said Dr. Tsehaye Teferra, president and CEO of EDG. “Funding from Gov. Northam’s Virginia Small Business Resiliency Fund comes at a much-needed time for many business owners. EDG is committed to doing our part to fortify the success of our local business communities in order to get people back to work.”
The EDG Small Business Resiliency Fund of $1.5 million is designated for Arlington, Fairfax and Prince William counties and the city of Alexandria. The purpose is to provide small-business loans along with pre- and post-loan technical assistance focused on aiding entrepreneurs who have been disproportionately impacted by the COVID-19 pandemic.
The ECDC Enterprise Development Group was launched in 2001 to serve as a bridge to improve the lives of immigrants and low- to moderate-income individuals by providing access to small-business loans and educational, skills-building programs.