WATERTOWN, NY – The Board of Directors of the Jefferson County Local Development Corporation approved this morning an Emergency Working Capital Grant/Loan Program in response to the ongoing COVID-19 crisis.
Jefferson County businesses with under 20 full-time employees can borrow up to $10,000, of which 25% will be convertible to a grant. Applicants will receive expedited processing and fund disbursement.
Jefferson County, NY businesses in need of financial help are encouraged to contact the JCLDC immediately. Staff can also provide guidance on additional help that may be available through Federal, Regional and Local assistance programs.
Don Alexander, CEO of the JCLDC said, “This is an opportunity for established Jefferson County, NY businesses to get the working capital they need to help see them through the COVID-19 pandemic. I would also like to stress that some businesses need other types of help such as answers to workforce issues and regulatory concerns. Please go to our website for links to assistance and direct cell phone numbers of staff ready to help.”
Some key details of the program include but are not limited to:
• $10,000 Maximum Loan Amount, 25% of loan will be forgiven at end of amortization schedule.
• 3% Interest only payments for 12 months, then 60 months Principal and Interest
• For-Profit entities with under 20 employees including Agriculture Businesses
• Funds may not be used to refinance existing debt
• Personal Guarantees / Corporate Guarantees needed
• A Statement of Need will also have to be provided
• Application available at www.growwithjeffersoncounty.com
Please contact Lyle Eaton, Chief Financial Officer of the JCLDC at (315) 767-8402 or leaton@jcida.com to apply or for additional information.