Loan Fund Will Help Businesses Address State-Mandates Re-Opening Costs
Loans Available on First-Come, First-Serve Basis
FONDA, NY – With many businesses bearing a significant financial burden because of state-imposed regulations associated with the COVID-19 pandemic, Montgomery County Executive Matt Ossenfort and the County Legislature have launched a new $240,000 COVID-19 Pandemic Loan Program.
This new program will offer Montgomery County businesses the chance to access low-interest loans to help cover up to $10,000 in costs directly associated with the state’s NY Forward reopening guidelines. Funding for the initiative will be made available through the county’s Revolving Loan Fund.
“Our businesses are working hard to reopen in a responsible fashion, and we’ve seen that in the continued positive feedback from state and local health officials,” said County Executive Ossenfort. “COVID-19 has created major hurdles for our businesses. Whether it’s limited capacity for restaurants, costly HVAC modifications for gyms, or simply having PPE on hand for staff, every business has had to adapt and overcome. This new COVID-19 Relief Fund is another way we can help businesses keep their doors open.”
“I commend our legislators for working together to find another way we can help our local businesses survive this unprecedented economic climate. We all want to do everything we can to make it easier on our businesses and this new COVID-19 Pandemic Loan Program is a use of available resources that will make a real difference and won’t come at a cost to taxpayers,” Ossenfort said.
Administered by the County’s Business Development Center, the loan program will provide businesses with a one-percent interest short term loan of up to $10,000. Loans will be deferred for up to six months, and the loan period will not exceed two years. Application forms are available on https://montgomerycountyworks.com/files/COVID-19-Loan-Application.pdf and completed applications should be emailed to Montgomery County Business Development Center CFO Sheila Snell at email@example.com.
“This new loan program is a great way to use existing dollars to help our business community navigate this challenging time and come back stronger. The NY Forward reopening guidelines have left many of our businesses needing this extra assistance if they’re going to survive,” said Business Development Center CEO Ken Rose, whose office will administer the loan program on behalf of the county.
The COVID-19 Pandemic Loan Program was passed by the County Legislature during Tuesday’s Full Board meeting.
“The Legislature and the County Executive have worked hard to make sure we create a business-friendly community that encourages people to invest and build a future in Montgomery County. We want that to continue as we continue to navigate the global health pandemic, and beyond. This new relief fund will help ensure more people are able to stay on the job and more businesses can keep their doors open,” said Chairman of the Legislature Joseph M. Isabel.
“We’re lucky to have a strong, vibrant economy in Montgomery County and we want to make sure we keep that going. Our local business community has always given back to those in need and now it’s our chance to do the same. I strongly encourage our businesses who need support to apply for funding,” said Legislator Robert A. Purtell, chairman of the Legislature’s Economic Development Committee.
Earlier this year the Business Development Center also launched a “Buy It In Montgomery” campaign to encourage residents and visitors in the county to shop local. The campaign includes targeted social-digital ads, strategically placed billboard advertisements and development of a new “Buy It In Montgomery” business directory website. Businesses looking to participate in this program can learn more at www.BuyItInMontgomery.com.
Montgomery County Business Development Center (MCBDC) provides professional economic development assistance to businesses interested in expanding or relocating to Montgomery County. It offers real estate solutions, financial assistance and incentives, as well as business development and technical assistance. MCBDC acts as the county’s Department of Economic Development, & Planning, the Industrial Development Agency, and Capital Resource Corporation. To learn more visit www.MontgomeryCountyWorks.com