Recognizing the effects from the COVID-19 pandemic on local business, Westchester County Executive George Latimer this week called on the county’s Industrial Development Agency to launch the IDA Emergency Loan Program.
The program, which allows the IDA to provide financial assistance through the State Disaster and Emergency Loan and Grant program, was recently approved by New York State and temporarily provides the IDA with authority to issue grants and loans to businesses and small not-for-profits that have been negatively impacted by COVID-19.
“The impacts of COVID-19 are still rippling through this County – even in Phase 3,” says Latimer. “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,” he continues. “This program is the basis for economic development and economic recovery.”
The IDA is providing grants up to $10,000 for small businesses and small not-for-profits with the condition that the proceeds be used for acquiring personal protective equipment or installing equipment necessary to prevent the spread of COVID-19. The IDA will also make no-interest loans available, through the administration of the State Disaster Emergency Loan Program, up to $25,000 and a program total of up to $500,000.
“This new program is another example of the IDA’s important role in fostering economic development in Westchester County,” says County IDA Chair Joan McDonald. “It is crucial that our small business and not-for-profit sectors receive help during this unprecedented economic downturn.”
In order to qualify for a grant or loan, an eligible entity must establish financial viability 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, have been negatively impacted by COVID-19, and have fewer than 51 employees.
