Recognizing that local business are still suffering from the COVID-19 pandemic, Westchester County Executive George Latimer is calling on the County of Westchester Industrial Development Agency (IDA) to launch the IDA Emergency Loan Program. The Program, recently approved by New York State, would provide temporary authority to the IDA to issue grants and loans to businesses and small not-for-profit corporations negatively impacted by COVID-19. The Program allows the IDA to provide financial assistance through the State Disaster and Emergency Loan and Grant Program.
Latimer said: “The impacts of COVID-19 are still rippling through this County – even in Phase 3. The financial viability of our small businesses and small not-for-profits is a top priority of my administration. We have developed a Program that will provide much-needed financial assistance for those businesses who are still struggling in the wake of the COVID-19 pandemic. This Program is the basis for economic development and economic recovery.”
Under the program, the IDA would provide grants to small businesses and small not-for-profit corporations up to $10,000. The proceeds must be used for acquiring personal protective equipment, or installing equipment necessary to prevent the spread of COVID-19. The IDA would also make no interest loans, through the administration of the State Disaster Emergency Loan Program, available to small businesses and small not-for-profit corporations in an amount up to $25,000. The full loan amount being considered is $500,000.
County of Westchester IDA Chair Joan McDonald said: “This new program is another example of the IDA’s important role in fostering economic development in Westchester County. It is crucial that our small business and not-for-profit sectors receive help during this unprecedented economic downturn.”
To qualify for either a grant or loan, an eligible entity must establish that it was a financially viable entity prior to March 7, 2020, the date on which Governor Andrew Cuomo signed Executive Order 202 declaring a disaster emergency. Eligible entities must also conduct business in the area served by the IDA, been negatively impacted by COVID-19, and have less than 51 employees.
The IDA will consider the following factors in determining whether to award a grant or loan:
- Creditworthiness prior to March 7, 2020
- Negative impact the shutdown has had on its operations and finances
- Planned use of funds
- Community ties in Westchester County
- Assurance that efforts will be made to retain jobs during the time at which Executive Order 202 of 2020 remains in effect
- Other sources of funding available
The IDA is administering the program with a partner lending organization. Further details on the no fee application process will be forthcoming.
About Westchester County
Westchester County, located in the heart of the historic Hudson Valley, covers 500 square miles and has a population of just under a million. Originally home to Native Americans, who were members of the Lenape tribe, it is today a rich mix of many cultures and landscapes. The County is a blend of bustling cities, quaint villages and picturesque towns as well as open spaces and a network of beautiful parks. Westchester is made up of 6 cities, 19 towns and 20 villages. Westchester County is known for top-notch public schools, and a high quality of life. The County is also an intellectual capital, boasting a highly educated workforce, competitive colleges and universities, Fortune 500 companies, world changing non-profits, and cutting-edge research centers. Westchester is led by County Executive George Latimer, who took office in January 2018 as the ninth County Executive. Using inclusion and openness as a foreground, Latimer is fighting to make Westchester a destination for all people to live, work and enjoy. Learn more about Westchester County by visiting www.westchestergov.com