FOR IMMEDIATE RELEASE
March 19, 2020
Contact: Mark Geise
(716) 661-8902
Small Loans Available to Assist Businesses during COVID-19 Crisis
CHAUTAUQUA COUNTY, N.Y.: — In response to the COVID-19 crisis and the impact it is having on businesses throughout Chautauqua County, the County of Chautauqua Industrial Development Agency (CCIDA) is providing low-interest loans not to exceed $10,000 to businesses throughout Chautauqua County. This emergency funding, which originates from the Al-Tech Loan Fund, can be used for working capital needs, and the normal application and securitization requirements are being relaxed.
“We are thinking outside of the box here in order to do everything we can to assist businesses in weathering the COVID-19 storm,” said Mark Geise, Chief Executive Officer of the CCIDA. “We have developed a simple two-page application, and will be expediting the process so that businesses can access needed working capital quickly in order to keep paychecks flowing to working individuals and their families. While our funding is limited, we will help as many businesses as we can with as much funding as we can afford to carve out for this purpose.”
Chautauqua County Executive PJ Wendel said, “We are doing everything that is within our means from a public health and economic health perspective, and assistance to our businesses from the CCIDA furthers this cause. Hopefully this helps out businesses that really need it right now, as other assistance from state and federal sources become available.”
While these emergency loans are to be paid back in their entirety, they will be interest-only for a minimum of three months, and leniency is being exercised in terms of normal collateral requirements.
For more information or to apply for this program, please contact the CCIDA at (716) 661-8900 or go to the CCIDA website at www.ccida.com.
About the CCIDA – The CCIDA is an economic development organization authorized and empowered by the State of New York to make Chautauqua County a better place to work, live, visit, and conduct business. They facilitate development by attracting new businesses, while promoting the retention and expansion of existing businesses. Assistance in the form of incentives – tax abatements, low interest loans, and bond financing – enhances the opportunities for job creation and retention by our businesses. For addition information about the CCIDA please visit our website at www.ccida.com.
Any comments or questions regarding this announcement should be addressed to Deputy County Executive for Economic Development/CCIDA Chief Executive Officer, Mark Geise, at geisem@co.chautauqua.ny.us.
