County IDA approves $5.7 million in low-interest loans to 28 businesses to address impact of COVID-19
JAMESTOWN – The Chautauqua County Industrial Development Agency allocated more than half of the federal budget CARES Act the money he recently received to help businesses across the county during the COVID-19 pandemic.
In September, the US Economic Development Administration (EDA) announced that the County IDA has been selected to receive a $10.5 million grant to establish a new low-interest revolving loan (RLF) fund. Businesses and nonprofits are allowed to apply for the funding as a way to address economic harm resulting from the COVID-19 pandemic.
As currently established, the new RLF offers loans of at least $25,000 and not exceeding $1 million, and working capital loans up to $250,000, with an interest rate of 2 .44% (lowest allowed).
The first round of funding – totaling more than $5.7 million, was awarded at Tuesday’s IDA board meeting – going to 28 companies and nonprofit entities.
Of the 28 loan approvals, six of them covered more than half of the total amount borrowed:
- $700,000 to SKB Automotive Sales (Fredonia)
- $646,650 to Large Entry Brewing (Mayville)
- $500,000 to Cocagne Resort (Cherry Creek)
- $494,460 to arton (Jamestown)
- $375,000 to Heritage Ministries (Gerry)
- $375,000 to Advanced Production Group (Dunkirk)
The remaining loans were:
- $322,000 to Luscombe Aircraft Corporation (Jamestown)
- $250,000 to The fifth/ Holiday Inn Express/ Hampton Inn (Jamestown)
- $227,000 to Rhythm Pizzeria (Jamestown)
- $200,000 to Webb’s Candy, Inc./ Webb’s Motel Inc. (Mayville)
- $182,183 to Manufacturing Kimbert dba Barton Tools Inc. (Falconer)
- $125,000 to arch wholesaleLLC (Fredonia)
- $125,000 to Brigiottas Farmland Produce & Garden Center Inc. (Jamestown)
- $125,000 to Corvus Bus & Charter, Inc. (Falconer)
- $125,000 to Excelco/Newbrook, Inc. (silver stream)
- $125,000 to Hotel Falconer, LLC (Falconer)
- $125,000 to International ammunition technologies (Jamestown)
- $125,000 to Pucci Carpet One Furniture & Bedding, Inc. (Fredonia)
- $115,000 to Shawbucks, Inc. (Jamestown)
- $125,000 to Webb’s Harbor Restaurant and Bowling Lanes, Inc. (Mayville)
- $87,500 to Bilicki Law Firm, PC (Jamestown)
- $85,000 to skate shop (Jamestown)
- $75,000 to The Original Crunch Roll, LLC Factory (Westfield)
- $41,000 to Merritt Estate Winery, Inc. (Forestville)
- $35,000 to Ivory Acres Weddings LLC (Frewsburg)
- $25,000 to Uhl Ventures LLC dba Jamestown/Olean Servpro (Jamestown)
Director of IDA Marc Geise reminds companies that application and program details are still available, and invites anyone interested in applying to contact the CCIDA office at 661-8900.