• Jan 14, 22
• spencergregory
• Revolving Loan Fund Directory
• 0 comment

The primary objectives of the loan program are to facilitate the assistance to businesses which have incurred addtional costs and economically impacted by the closure of the Lake Champlain, New York Bridge on October 16, 2009. Program funds may be used to justifiable business purposes in direct reference from the Lake Champlain closure on October 16, 2009. Terms & Conditions: A moratorium on loan principal and interest until such time the Lake Champlain Bridge located in Crown Point, New York is open and operational to the public. Once loan repayment begins, there is 0% intereSt. The term with fixed asset loan will generally be consisten with the useful life of the assets being financed, such useful periods being consistent with standard commercial lending policies but in no instance exceeding ten (10) years. The term of a line of credit and working capital may not exceed five (5) years. Businesses must be located in Essex County to be eligible. Eligible businesses include manfucturing, retail transportation, utilities, communications, construction trades, wholesale distribution, agriculture, forestry, accomodations, recreation, food and beverage, arts/crafts, professional services not for profits. Businesses must be independently owned and operated, 100 employees or less and a NYS tax payer must be in business since June 1, 2009. Financing may not exceed a ration of $25,000 for each business loan request for lines of credit or working capital and a maximum of $25,000 for equipment and machinery. For equipment and machinery loan requests, documentation of change in business market must be submitted. Appropriate documentation for use of fund must be supplied to the IDA for all draw down of funds (proposed source and use of funds), including receipts, 3rd party estimates for all project costs, for all requests for lines of credit and debt financing and refinancing. Contact Information Essex County, New York Address: 7566 Court St City: Elizabethtown State: New York Website: https://www.essexcountyida.com/