WATERTOWN — Local businesses can borrow up to $10,000 from the Jefferson County Local Development Corporation to help them get through the financial crisis caused by the coronavirus.
The JCLDC Board of Directors on Thursday morning approved the Emergency Working Capital Grant/Loan Program in response to the ongoing COVID-19 crisis.
Under the program, businesses with under 20 full-time employees can borrow up to $10,000, of which 25 percent will be converted to a grant.
To get the financial help, businesses are encouraged to contact the JCLDC immediately. Applicants will receive expedited processing and fund disbursement.
Staff can also provide guidance on additional financial help that may be available through federal, regional and local assistance programs, JCLDC CEO Donald C. Alexander said in a prepared statement.
“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,” he said.
Mr. Alexander also stressed that some businesses need other types of help regarding workforce issues and regulatory concerns.
He instructed businesses to go to the JCLDC website for links to assistance and direct cell phone numbers of staff who’s ready to help. The applications are available at www.growwithjeffersoncounty.com.
Some key details of the program include, but are not limited to:
• $10,000 maximum loan amount, with 25 percent of it forgiven at end of amortization schedule.
• 3 percent 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 and corporate guarantees are needed.
• A Statement of Need will also have to be provided.