FOR IMMEDIATE RELEASE
April 24, 2020
Contact: Mark Geise
25 Companies Assisted with Working Capital Funding
JAMESTOWN, N.Y.: — 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.
The program was first announced during the third week in March, and in four short weeks has successfully assisted 25 local businesses with $10,000 to provide much needed working capital to weather the current crisis. Loan recipients are throughout the county and are from a variety of industries. The CCIDA has granted forbearance of loan payments to loan recipients for three months to provide time for them to recover, which will be followed by low interest principal and interest payments spread over a five-year term.
The loan program was a collaborative effort involving CCIDA staff, Phillips Lytle law firm, and the CCIDA Loan Committee. Implementation of the program was especially challenging as all parties involved had to adapt to virtual communications and were required to avail themselves to the urgency of reviewing and processing the loan applications in an expeditious manner.
“This has been a hugely successful program,” said Mark Geise, Deputy County Executive for Economic Development/Chief Executive Officer of the County of Chautauqua Industrial Development Agency. “I’m really proud of the staff, especially Linda Burns, for taking this from an idea to implementing it almost overnight. It is a good feeling knowing that we helped more than two dozen companies endure this calamity. Lastly, I think it is worth mentioning that we have received calls from throughout the state from other Counties and IDAs asking us to share our template so they can implement similar programs. As they say, imitation is the sincerest form of flattery.”
Although this program has concluded, the CCIDA has established a Resources page on their website at www.CCIDA.com where information is posted about additional programming. This includes the CCIDA’s newly-launched PPE Business Grant Program, which assists businesses in purchasing PPE and provides technical assistance to help them comply with the Governor’s mandate for businesses to provide for the health and safety of their employees.
County Executive PJ Wendel said, “I am grateful that the CCIDA could assist a variety of businesses, large and small, across a variety of sectors spread throughout the County. I have received several inquiries from county leaders from across the state regarding the nuts and bolts of this program as they were seeking to create a program based on the CCIDA’s model. I was also informed that the New York State Economic Development Council requested the details of this program so they could disseminate it to their large member base of economic development leaders across the state as a best practice. Mark Geise and his team at the CCIDA are really knocking it out of the park.”
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, and visit. 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 additional 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 email@example.com.