JAMESTOWN – The Chautauqua County Industrial Development Agency will receive $10.5 million in federal funding to set up a low-interest revolving loan fund to support local small businesses and non profits impacted by COVID-19.
The announcement was made this afternoon at the Chautauqua Harbor Hotel by Anthony Foti, Director of Intergovernmental Affairs at the U.S. Department of Commerce. Foti said the funding being allocated by the Federal Economic Development Administration and comes from nearly $20 million in federal aid for the entire western New York region. He added that while other communities and counties across the region will also receive funding, the largest sum was given to Chautauqua County.
Also in attendance was U.S. Congressman Tom Reed, along with State Senator George Borrello, Assemblyman Andy Goodell, County Executive PJ Wendel, Dunkirk Mayor Willie Rosas, and Jamestown Development Director Crystal Surdyk, who was representing Jamestown Mayor Eddie Sundquist.
Reed explained the money will help to keep businesses open during a challenging and uncertain time.
“We were proud to support this grant because we care about all the businesses, non-profits, and entrepreneurs who have been severely impacted by the economic and public health effects of the COVID-19 pandemic,” said Reed. “By deploying the federal capital employers need to weather this crisis, we can ensure our local economy will rebound stronger than ever. Congratulations to CCIDA and the Chautauqua County team on their work to help the community and preserve local jobs.”
As for the details of the loan program, IDA Chief Financial Officer Richard Dixon said any small business in the county, including non profits, will be eligible to apply for funding, which will then have to be paid back at 2.4% interest.
“As part of the application process, CCIDA Staff created a detailed plan for deploying the funds in a way that provides flexibility for recipients as well as timeliness in deploying the funding in order to accelerate economic recovery within the County. The newly-established RLF Program will be available to a wide-range of industry sectors, including professional services, non-profits, and other sectors that have previously been excluded from receiving CCIDA loan funds. As currently established, the RLF will provide loans of no less than $25,000 and not to exceed $1 Million, and working capital loans of up to $250,000, with an interest rate of 2.44%,” Dixon noted.
IDA officials say the application and program details are currently available by contacting their office at 661-8900.