{"id":36081,"date":"2020-10-28T10:37:18","date_gmt":"2020-10-28T14:37:18","guid":{"rendered":"http:\/\/www.wrfalp.com\/?p=36081"},"modified":"2020-10-28T13:34:23","modified_gmt":"2020-10-28T17:34:23","slug":"county-ida-approves-5-7-million-in-low-interest-loans-to-28-businesses-as-the-cope-with-impact-of-covid-19","status":"publish","type":"post","link":"https:\/\/www.wrfalp.com\/county-ida-approves-5-7-million-in-low-interest-loans-to-28-businesses-as-the-cope-with-impact-of-covid-19\/","title":{"rendered":"County IDA Approves $5.7 Million in Low Interest Loans to 28 Businesses As the Cope with Impact of COVID-19"},"content":{"rendered":"
\"\"<\/a>

On Sept. 9 local, state and federal officials announced $10.5 million in federal funding to assist businesses in Chautauqua County during the COVID-19 pandemic. From left to right – Assemblyman Andrew Goodell; Joel Frushone, EDA Director – Office of External Affairs; Anthony Foti, Intergovernmental Affairs Director \u2013 U.S. Department of Commerce; Richard Dixon, CFO – County of Chautauqua Industrial Development Agency; Congressman Tom Reed; Senator George Borrello; County Executive Paul Wendel; Mayor Wilfred Rosas; Crystal Surdyk, Interim Director of Development for the City of Jamestown; Michael Metzger, Chairman of the Board for the CCIDA and VP for Finance and Administration at SUNY Fredonia.<\/em><\/p><\/div>\n

JAMESTOWN – The Chautauqua County Industrial Development Agency<\/strong> has allocated more than half of the federal CARES Act<\/strong> money it recently received to assist businesses throughout the county during the COVID-19 pandemic.<\/p>\n

In September, The U.S. Economic Development Administration<\/strong> (EDA) announced the county IDA was selected to receive a $10.5 million grant to establish a new, low-interest Revolving Loan Fund (RLF). Both businesses and non-profit organizations are allowed to apply for the funding as a means to respond to economic injury resulting from the COVID-19 pandemic.<\/p>\n

As currently established, the new RLF provides loans of no less than $25,000 and not to exceed $1 Million, and working capital loans of up to $250,000, with an interest rate of 2.44% (the lowest allowed).<\/p>\n

The first round of funding – totaling more than $5.7 million, was awarded during the Tuesday IDA board meeting – going to 28 businesses and non-profit entities.<\/p>\n

Of the 28 loan approvals, six of them covered more than half the total amount being borrowed:<\/p>\n