Low-interest loans available for businesses in the north of the country affected by the pandemic | Business
WATERTOWN – Low interest loans are available to help small businesses in Jefferson, Lewis and St. Lawrence counties that have been affected by the COVID-19 pandemic.
The Lake Champlain â Lake George Regional Planning Council has partnered with economic development agencies in each county to offer business loans ranging from $ 25,000 to $ 150,000 at an interest rate of 1.9 % for a period of up to seven years. There are no application or closing fees and the first 12 months require interest payments only.
The loans can be used for working capital, equipment purchase, or facility upgrades related to the COVID-19 pandemic. All applicants are required to show how their business has been negatively affected by the COVID-19 pandemic.
The funds cannot be used to pay off existing debt, refinance other loans, or acquire a position in a business. The funds also cannot be used to pay for personal expenses, investments, or business expansion. No start-up business will be eligible.
The program deadline is May 1, 2022, while funds are exhausted.
Anyone interested in obtaining a loan can contact the representative of the county in which their business is located.
At the Jefferson County Industrial Development Agency, the contact is Lyle Eaton at 315-782-5865. At Lewis County Economic Development, the contact is Cheyenne Steria at 315-376-3014. At the St. Lawrence County Industrial Development Agency, contact Kim Gilbert at 315-379-9806.
Businesses in Warren, Washington, Hamilton, Essex and Clinton counties are also eligible.