IDA Announces New Series of Loans | News, Sports, Jobs
The Chautauqua County Industrial Development Agency will continue to accept applications for low-interest loans to businesses and nonprofits in response to economic harm resulting from the COVID-19 pandemic . This new round of funding begins immediately.
In early 2020, as part of EDA’s CARES Act Recovery Assistance, the U.S. Economic Development Administration (EDA) invited select current recipients of existing Revolving Loan Fund scholarships ( RLF) funded by EDA, including CCIDA, to apply for an additional RLF scholarship to help respond to the unusual and compelling urgency of the coronavirus pandemic. The EDA had determined that the CCIDA, because of its substantial and longstanding investment in providing credit to small businesses, had unique capabilities to support the CARES Act Recovery Assistance Initiative and that it was therefore in the public interest to make this award available on a non-competitive basis.
In mid-2020, the CCIDA team immediately responded to this invitation with the documentation required to apply for the funding. As part of the application process, CCIDA staff created a detailed plan to prudently deploy the funds in a way that would provide maximum flexibility to recipients as well as speed of fund deployment to accelerate economic recovery. in the county.
The U.S. Economic Development Administration (EDA) originally announced on September 9, 2020 that CCIDA had been selected as a recipient of a $10.5 million grant through the CARES Act, which enabled the CCIDA to agency to create a new revolving loan fund.
The RLF has been providing capital, in the form of low-interest loans, since its initial launch. The RLF program has been made available to a wide range of industry sectors, including professional services, nonprofits, and other sectors that had previously been excluded from receiving CCIDA loan funds. As currently established, the RLF will provide loans of at least $25,000 and at most $100,000, with an interest rate of 2.44% (the lowest allowed).
Since RLF’s inception, CCIDA has been able to assist more than 50 Chautauqua County businesses and nonprofits, allowing them to stay in business, saving thousands of jobs and helping the local economy rebound.
Mark Geise, deputy county director for economic development and CEO of CCIDA, said that “We still have some funding remaining from the initial scholarship, and application and program details are currently available.” He invites anyone interested in applying to contact the CCIDA office at 716-661-8900.