WASHINGTON (WTWO/WAWV) – Thrive West Central Indiana in Terre Haute is set to receive $800,000 from the U.S. Dept. of Commerce’s Economic Development Administration (EDA).

According to a press release received Tuesday, the money will be used to capitalize and administer a Revolving Loan Fund. That grant is funded by the American Rescue Plan and EDA’s $300 million commitment Coal Communities Commitment.

The press release goes on to say the grant will also provide gap financing to small, local businesses in Clay, Parke, Putnam, Sullivan, Vermillion and Vigo Counties. The funding will be used to help them recover, grow and create new employment opportunities.

According to grantee estimates, the EDA investment will be matched with $200,000 in local funds and is expected to create 80 jobs, retain 45 jobs and generate $2 million in private investment.

“The Economic Development Administration is pleased to support locally-driven strategies to boost business recovery efforts in Indiana,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “Thrive West Central’s Revolving Loan Fund will provide much-needed capital to small businesses and entrepreneurs in support of job growth and business expansion.”

This project is funded under EDA’s American Rescue Plan Economic Adjustment Assistance program, which makes $500 million in Economic Adjustment Assistance grants available to American communities.