The U.S. Economic Development Administration (EDA) officially announced on September 9, 2020, that the County of Chautauqua Industrial Development Agency (CCIDA) had been selected as the recipient of a $10.5 million grant through the CARES Act, which enabled the agency 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.
COVID-19 Update: New Federal Pandemic Relief Package Signed
President Trump has now signed the COVID-19 relief package that was approved by Congress last week. An overview of important points for the local business community is provided.
CCIDA AWARDS $5.7 MILLION IN FEDERAL EDA FUNDING IN FIRST ROUND OF FUNDING
The CCIDA Board approved funding for 28 businesses and non-profit entities in the following sectors: manufacturing/warehousing; not-for-profits; retail/commercial/agriculture; small business; and tourism/hospitality. All said, $5,736,293 in funding was approved by the Board of Directors after a thorough review by the Loan Committee, which will, in addition to retaining hundreds of jobs, create upwards of 100 new jobs.
OUTDOOR ARTS, ENTERTAINMENT, AND AGRITOURISM DURING THE COVID-19 PANDEMIC
All businesses, including low-risk outdoor arts and entertainment, agritourism, farmers markets, and craft beverage producers must comply with industry-specific guidelines to reopen and to remain open during the COVID-19 Public Health Emergency. The State’s guidance, available at https://forward.ny.gov.
CCIDA AWARDED $10.5 MILLION IN FEDERAL FUNDING TO ESTABLISH NEW LOW-INTEREST REVOLVING LOAN FUND
The U.S. Economic Development Administration (EDA) officially announced on September 9th that the County of Chautauqua Industrial Development Agency (CCIDA) has been selected as the recipient of a $10.5 million grant through the CARES Act, which will enable the agency to establish a new Revolving Loan Fund (RLF). The RLF will 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.
Community Development Block Grants
This program offers eligible small businesses grants of up to $20,000. The application window opens June 23, 2020, and all businesses are encouraged to apply as soon as possible as grant funds are limited.
Chautauqua Opportunities for Development (CODI)
CODI provides micro-loans, business consulting, and business start-up training to help local businesses grow and invest in our community.
FY2021 Area Development Grant Program
Southern Tier West Regional Planning and Development Board is now accepting Letters-of-Interest for the Area Development grant program funded by the Appalachian Regional Commission Letters-of-Intent will be for project activities beginning in Federal FY2021.
CCIDA EMERGENCY LOAN FUND PROVES A HUGE SUCCESS
The Chautauqua County Industrial Development Agency (CCIDA) was successful in expeditiously establishing and implementing an emergency working capital loan program to benefit Chautauqua County businesses that have been negatively impacted by the Coronavirus. The CCIDA quickly obtained approval from the US Economic Development Administration to implement the program, and $250,000 was allocated to the fund a little over a month ago.
CCIDA CREATES GRANT PROGRAM TO ASSIST BUSINESSES IN PURCHASING PPE EQUIPMENT AND IN RECONFIGURING THEIR WORKSPACE
In response to New York State Governor Andrew Cuomo’s mandate that all essential businesses must provide for the health and safety of their employees during the COVID-19 crisis, Chautauqua County, the County of Chautauqua Industrial Development Agency (CCIDA), the Chautauqua Region Economic Development Corporation (CREDC), Jamestown Community College (JCC), and the local foundations have teamed up to provide 50/50 matching grants to businesses throughout Chautauqua County.
