The County of Chautauqua Industrial Development Agency (CCIDA) will once again continue to accept applications to provide low-interest loans to both businesses and non-profit organizations as a means to respond to economic injury resulting from the COVID-19 pandemic. This new round of funding starts immediately.
Chautauqua County Executive PJ Wendel said, “I am thrilled with the work being undertaken by the CCIDA and the extended economic development team, which includes the Partnership for Economic Growth and the County Planning Department. I commend Mark Geise and the CCIDA team for their laser focus on Chautauqua County’s upward trajectory despite the pandemic.
At its meeting today, the County of Chautauqua Industrial Development Agency (CCIDA) Board of Directors approved financial assistance to Hanover PV, LLC, including Payment in Lieu of Tax (PILOT) agreement providing real property tax abatement, sales tax abatement, and mortgage recording tax abatement for a new community solar farm planned there.
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.
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.