Monroe County’s loan program to help small businesses
“Our small businesses are suffering from the loss of working capital due to circumstances beyond their control, and it’s important we do all we can to help employers and their employees make it through this crisis,” said Adam Bello, Monroe County Executive. “By offering no-interest loans of up to $10,000, we are helping support the vital small businesses that serve as this region’s economic engine through their time of greatest need.”
The program, approved by the Monroe County Industrial Development Corporation, offers zero interest loans of up to $10,000 for working capital to qualifying retail, health care, restaurants, real estate, technology, personal/professional services, construction, small manufacturers and other businesses with 50 or fewer full-time equivalent employees.
“In order to address our business community’s needs at this time, Monroe County has, with immediacy, developed and fully approved funding for a loan support program detailed in this release,” said Peter W. Hin, Chairman of the MCIDC Board and Senior Vice President, Commercial Banking Regional Manager for Monroe County for Tompkins Bank of Castile. “A big thank you to Monroe County leadership and employees for their thoughtful, caring, and urgent response to ensure our community’s well-being.”
Program instructions and applications are available at www2.monroecounty.gov/economic2-index.php. Applications can be submitted electronically to email@example.com or by mail to MCIDC, 50 W. Main Street, Rochester, NY 14614. Applications submitted via email will be processed more quickly. The aim is to have applications processed and loans approved and paid out within 7 business days.
“Monroe County residents rely on our small businesses for employment, quality of life, and community cohesion,” said Ana Liss, Executive Director of MCIDC. “During this unprecedented crisis, we must take measures to support these firms so that owners, employees, and their families can survive current economic circumstances brought on by COVID-19. Thank you to the MCIDC Board of Directors for supporting this important initiative!”
“Rochester Chamber is excited to support this Monroe County program that will help small businesses and their employees get through this difficult time,” said Greater Rochester Chamber of Commerce President and CEO Bob Duffy. “Small business is the backbone of our local, state, and national economies and we must do all we can to support it. I thank County Executive Bello and his team for their leadership as we navigate uncharted waters.”
Initial funding for the program is $500,000, but that amount may increase depending on demand and support from MCIDC and the County of Monroe Industrial Development Agency.