After Chautauqua County successfully assisted more than two dozen businesses using federal funds in the fall, the county Industrial Development Agency is ready to help again.

Jan. 26 is the county IDA’s next meeting. Among the items on its agenda that day will be considering applications for round 2 of their CARES Act funds.

In September it was announced the county IDA was awarded a $10.5 million grant through the CARES Act to establish a new revolving loan fund that will provide capital in the form of low-interest loans to both businesses and nonprofit organizations as a means to respond to economic injury resulting from the COVID-19 pandemic.

Later that fall, the county awarded 28 groups more than $5.7 million from the grant, as part of its first round.

Mark Geise, county IDA chief executive officer, said in round 2 they will likely award another $2 million to $3 million. “It won’t be as much as the first round,” he noted.

Geise said they’ve received a couple dozen new applicants for round 2. The IDA needs to go through them to see who is eligible, how much they’re requesting and why.

It’s too late for local businesses who haven’t applied for round 2 CARES Act funds but Geise said the plan is for there to be a third round. That deadline is March 1.

Eligible applicants must conduct business in Chautauqua County, demonstrate that they have been negatively impacted by COVID-19 and that they are subsequently in need of financing, they have an ability to re-pay the loan, pledge sufficient collateral, and have an established track record. All business sectors (with the exception of housing) are eligible, including not-for-profit agencies. This includes, but is not limited to, the manufacturing, professional services, hospitality, commercial, retail, and agricultural sectors. Because of the competitive nature of this program, applicants are required to demonstrate 1) how the funding addresses a challenge created by the pandemic; 2) how the funding will retain or create jobs; and 3) how the funding will leverage other private or public capital. Further details are available at www.ccida.com.

The plan is for the county IDA to award round 3 funds by the end of April.

Geise said he isn’t sure yet if there will be money available after the third round. He encourages all eligible businesses that haven’t sought funds yet to apply for round 3, since he has his doubts they will have enough money for a fourth round.