JAMESTOWN – The Chautauqua County Industrial Development Agency (CCIDA) has released another round of low-interest loans for local businesses impacted by COVID-19. Funding for the loans comes from the federal CARES Act and is administered by the U.S. Economic Development Administration (EDA). In September 2020, the CCIDA was awarded a $10.5 million grant from EDA to establish a new Revolving Loan Fund (RLF). The intent of the RLF is to provide capital, in the form of low-interest loans, to both businesses and non-profit organizations as a means to respond to economic injury resulting from the COVID-19 pandemic.
The IDA board awarded the first round of loans – totaling $5.7 million – in October 2020. The second round of loans totaling $2.6 million was awarded on Tuesday. Pursuant to the guidelines of the program, loans have been approved in the following sectors: manufacturing/warehousing; not-for-profits; retail/commercial/agriculture; small business; and tourism/hospitality. Approximately 110 new jobs are to be created as a result of the funding allocated to date.
Loan recipients for the second round include:
- The Service Manufacturing Group, Inc.;
- Monofrax, LLC;
- Dahlstrom Roll Form;
- the National Comedy Center;
- Southern Tier Environments for Living, Inc.;
- Kosciuszko Polish Home Association, Inc.;
- Reg Lenna Theater;
- Cleaners of Chautauqua, Inc.;
- Falconer Power Sports, Inc. dba Harley Davidson of Jamestown;
- Lynn Development, Inc.;
- Ready About Sailing, Inc.;
- Rocky’s Karate;
- MKJM, LLC dba The Landmark;
- Scott’s Peek n’ Peak, LLC;
- Maple Springs Inn;
- and Lidos Crescent Inn, Inc.
“We are thrilled that, as of this date, we have been able to allocate more than 80% of the funding provided by the EDA in less than five months, and in the process help more than 40 businesses to not only endure, but create jobs,” said Mark Geise, CCIDA Chief Executive Officer. “Our incredible team at the CCIDA has worked diligently to get this money out working in the community as quickly as possible, while ensuring that we are responsible, impartial, and address the EDA’s guidelines.”
As part of EDA’s CARES Act Recovery Assistance, the EDA invited select current recipients of existing EDA-funded Revolving Loan Fund (RLF) awards, including the CCIDA, to apply for a supplemental RLF award to help respond to the unusual and compelling urgency of the coronavirus pandemic. EDA had determined that CCIDA, by virtue of its longstanding and substantial investment in making credit available to small businesses, possessed unique abilities to support the CARES Act Recovery Assistance initiative and that it was therefore in the public’s best interest to make this award available on a non-competitive basis.
A third round of loan funding is scheduled to take place later this year. The CCIDA Board will make a decision on Round 3 funding requests on April 27, 2021, with the application deadline being March 1, 2021.
Geise stated that the application and program details are available upon request, and urges anyone interested in applying to contact the CCIDA office at 716-661-8900.