The Chautauqua County Industrial Development Agency has announced a new round of CARES Act loans
The IDA said in a release that they are continuing to accept applications for low-interest loans to both businesses and non-profit organizations. The agency had received a $10.5 million dollar grant through the CARES Act which has been used to establish a revolving loan fund.
The fund provides capital, in the form of low-interest loans. It has been made available to a wide-range of industry sectors, including professional services, non-profits, and other sectors that had previously been excluded from receiving CCIDA loan funds. As currently established, the loan fund will provide loans of no less than $25,000 and not to exceed $100,000, with an interest rate of 2.44%.
The CCIDA has been able to use the loan fund to assist more than 50 businesses and non-profit organizations in Chautauqua County, allowing them to remain in operation, thereby saving thousands of jobs and helping the local economy rebound.
Anyone interested in applying for the loans can contact the CCIDA office at 716-661-8900.
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