CCIDA making loans available to county businesses for working capital
In response to the COVID-19 crisis and the impact it is having on businesses throughout Chautauqua County, the County of Chautauqua Industrial Development Agency (CCIDA) is providing low-interest loans not to exceed $10,000 to businesses throughout Chautauqua County. This emergency funding, which originates from the Al-Tech Loan Fund, can be used for working capital needs. The normal application and securitization requirements are being relaxed.
“We are being pragmatic in order to assist businesses in the short-term to weather the COVID-19 storm. We have already approved funding to more than a dozen companies at this point, and we still have some funds available,” said Mark Geise, Chief Executive Officer of the CCIDA. “A simple two-page application was created, and we have expedited the process so that businesses can access needed working capital very quickly in order to keep paychecks flowing to their employees and their families. While our funding is limited, we will help as many businesses as we can with the remainder of funds.”
Chautauqua County Executive PJ Wendel said, “I am thrilled that the CCIDA was able to move so quickly in creating a program and getting checks out to businesses in approximately a week from start to finish. Truly amazing! The County is doing everything that is within its means, from a public health and economic health perspective, to help not only the general public but businesses as well. The working capital assistance to businesses from the CCIDA furthers this cause; hopefully it bridges the funding gap created by the crisis for a multitude of companies in various sectors before the Federal stimulus funding is made available.”
To date, the CCIDA has approved 16 loan applications, and has allocated $160,000 to a variety of Chautauqua County Businesses. These include Chautauqua Woods, Merritt Estate Winery, The Chop House on Main, the Original Crunch Roll Factory, Advanced Production Group, El Greco Woodworking, Garden of Eden, Fadale Enterprises, Labyrinth Press (Brazil), Barton Tool, SMG Harson, and others.
While these emergency loans are to be paid back in their entirety, the principal and interest payments are being deferred for a minimum of three months, and leniency is being exercised in terms of normal collateral requirements.
For more information or to apply for this program, please contact the CCIDA at (716) 661-8900 or go to the CCIDA website at www.ccida.com.