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The U.S. Economic Development Administration offered the following description of this project:
"As part of EDA's CARES Act Recovery Assistance, this investment capitalizes a $500,000 Revolving Loan Fund (RLF) to lend to borrowers in the following geographic region: City of Norfolk in Virginia. This EDA investment also provides $49,900 to defray the cost of administering the RLF. The EDA investment will alleviate sudden and severe economic dislocation caused by the coronavirus (COVID-19) pandemic, provide permanent resources to support economic resiliency, and further the long-term economic adjustment objectives of the region served by this EDA investment."
According to the Internal Revenue Service, opportunity zones were added to the tax code under The Tax Cuts and Jobs Act of 2017. The bill has come under some criticism for creating another big tax break for the ultra-wealthy.
The EDA is a federal government agency that focuses exclusively on economic development.The agency solicits applications for funding in order to support construction, non-construction planning, technical assistance, and revolving loan fund projects under the agency's Public Works and the Economic Adjustment Assistance (EAA) programs. Grants made under these programs are designed to advance economic development in distressed communities.
Other grants awarded out of the EDA Regional office of Philadelphia in 2020
| Grantee Name | Total Project Funding | Grant Award Date |
|---|---|---|
| New Bedford | $20,000,000 | Sept. 28 |
| Franklin County | $13,847,215 | Sept. 28 |
| West Virginia Economic Development Authority | $10,340,000 | Sept. 25 |
| Virginia Small Business Financing Authority | $10,260,920 | July 24 |
| Atlantic City | $9,600,000 | Sept. 1 |
| Regional Development Funding Corporation | $7,601,000 | July 24 |
| Philadelphia Authority for Industrial Development | $7,458,000 | July 24 |
| Lycoming County | $7,000,000 | Feb. 24 |
| Huntington Stormwater Utility | $6,455,300 | Aug. 3 |
| SEDA-Council of Governments | $6,325,000 | July 24 |
| Northwest PA Regional Planning & Development Commission | $5,409,091 | July 1 |
| Southern Alleghenies Planning and Development Commission | $4,320,000 | July 24 |
| Beverly | $4,052,000 | Sept. 28 |
| Johnstown Redevelopment Authority | $3,900,000 | Apr. 22 |
| Southern Tier Network | $3,881,484 | Apr. 23 |
| Gloucester | $3,522,412 | Sept. 28 |
| Community Investment Corporation | $3,465,000 | July 23 |
| Grandview Doolin Public Service District | $3,225,142 | Sept. 28 |
| University of Rhode Island Research Foundation | $3,100,000 | Aug. 14 |
| Venango County Economic Development Authority | $3,016,000 | Jan. 27 |
| Pulaski | $2,500,000 | Sept. 3 |
| Benedum Airport Authority | $2,493,499 | Aug. 3 |
| Bucks County Industrial Development Authority | $2,455,600 | July 24 |
| Coalfield Development Corporation | $2,184,600 | Aug. 3 |
| Economic Development Council of Northeastern Pennsylvania | $2,178,000 | July 24 |
| Yeshiva University | $2,000,000 | Apr. 23 |
| Southeastern Connecticut Enterprise Region Corporation | $1,936,000 | July 23 |
| North Central Pennsylvania Regional Planning and Development | $1,936,000 | July 24 |
| Newport News - Department of Development | $1,596,000 | July 24 |
| Central West Virginia Regional Airport Authority | $1,522,966 | Sept. 28 |
| Mattapoisett | $1,470,000 | Feb. 28 |
| Indiana County | $1,353,000 | July 24 |
| Somerset | $1,293,118 | Sept. 9 |
| Rockingham Economic Development Corporation (REDC) | $1,250,000 | May 26 |
| True Access Capital Corporation | $1,199,000 | July 23 |
| Southwestern Pennsylvania Commission | $1,100,855 | July 24 |
| Vermont Community Loan Fund | $1,056,000 | July 24 |
| Lawrence Partnership | $893,939 | Dec. 10 |
| Operation Hope | $850,226 | June 22 |
| SEDA - Council of Governments (SEDA-COG) | $785,450 | July 14 |
| Cumberland Plateau Planning District Commission | $770,000 | July 24 |
| Lynchburg | $726,000 | July 24 |
| Maine Space Grant Consortium | $704,030 | Sept. 25 |
| Patrick Henry Community College | $682,496 | Dec. 16 |
| Wilmington Economic Development Corporation | $616,000 | July 23 |
| Rhode Island Infrastructure Bank | $600,000 | May 6 |
| Northeastern Pennsylvania Industrial Resource Center | $550,000 | July 24 |
| Burlington Electric Department | $550,000 | July 24 |
| Springfield Regional Development Corporation | $550,000 | July 24 |
| Allegheny County Industrial Development Authority | $530,000 | July 24 |
| Venture Cafu00E9 Foundation | $518,870 | Mar. 23 |
| The Enterprise Center Community Development Corporation | $400,000 | Sept. 10 |
| Pawtucket | $287,500 | July 23 |
| Northeastern University | $274,431 | Apr. 8 |
| Breaks Regional Airport Authority | $150,000 | Nov. 30 |
| Marshall University Research Corporation | $147,387 | Mar. 11 |
| Region IV Planning and Development Council | $140,000 | Jan. 22 |
| South Jersey Economic Development District | $140,000 | Mar. 4 |
| Southern Tier Central Regional Planning and Development Board | $140,000 | Mar. 4 |
| Eastern Maine Development Corporation | $140,000 | Mar. 4 |
| Androscoggin Valley Council of Governments | $140,000 | Mar. 4 |
| Northern Neck Planning District Commission | $140,000 | Mar. 4 |
| Montachusett Regional Planning Commission | $140,000 | Mar. 5 |
| Rockingham Economic Development Corporation | $140,000 | Mar. 11 |
| New River Valley Regional Commission | $140,000 | May 28 |
| Tri-County Council for the Lower Eastern Shore of Maryland | $140,000 | May 28 |
| Capital District Regional Planning Commission | $140,000 | May 28 |
| Mid-Shore Regional Council | $140,000 | May 28 |
| Franklin Regional Council of Governments | $140,000 | May 28 |
| Eastern Vermont Economic Development District, Inc. | $140,000 | May 28 |
| North Central Pennsylvania Regional Planning and Development Commission | $140,000 | May 28 |
| Regional Intergovernmental Council | $140,000 | June 1 |
| Southside Planning District Commissions | $140,000 | June 1 |
| Region 11 Council | $140,000 | June 1 |
| Southeastern Connecticut Enterprise Region Corporation | $140,000 | June 1 |
| Region 8 Planning and Development Council | $140,000 | June 1 |
| Southwestern Pennsylvania Corporation | $140,000 | June 1 |
| Bel-O-Mar Regional Council | $140,000 | June 1 |
| Greater Portland Council of Governments | $140,000 | June 1 |
| Midcoast Economic Development District | $140,000 | June 1 |
| Region I Planning and Development Council | $140,000 | June 1 |
| Strafford Regional Planning Commission | $140,000 | Aug. 21 |
| Southern Tier East Regional Planning Development Board | $140,000 | Dec. 16 |
| Mohawk Valley Economic Development District | $140,000 | Dec. 16 |
| Lenowisco Planning District Commission | $140,000 | Dec. 17 |
| Southeastern Regional Planning and Economic Development District | $140,000 | Dec. 17 |
| Region IV Planning and Development Council | $140,000 | Dec. 17 |
| Central New York Regional Planning and Development Board | $140,000 | Dec. 17 |
| Northwest Hills Council of Governments | $139,409 | June 1 |
| West Piedmont Planning District Commission | $116,667 | Mar. 4 |
| Pioneer Valley Planning Commission | $116,667 | May 28 |
| Region 2 Planning and Development Council | $116,667 | June 1 |
| Metropolitan Area Planning Council | $105,000 | May 28 |
| Region 7 Planning & Development Council | $100,000 | Mar. 5 |
| Merrimack Valley Planning Commission | $100,000 | May 28 |
| Crater Planning District Commission | $100,000 | May 28 |
| Mid-Ohio Valley Regional Planning and Development Council | $87,500 | Mar. 5 |
| University of Charleston | $80,000 | Aug. 31 |
| Saint Regis Mohawk Tribe | $47,000 | May 28 |
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