ORANGE COUNTY FUNDING CORPORATION LAUNCHES SMALL BUSINESS RESILIENCY LOAN
The Orange County Funding Corporation, an entity affiliated with the Orange County Industrial Development Agency, has launched the Small Business Resiliency Loan program aimed at assisting small businesses located in Orange County, New York. Further information can be found here.
A fund of $500,000 has been allocated for the loans. Loans of up to $10,000 are available to Orange County businesses having 25 or fewer employees and gross receipts of less than $2.5 million in 2019. Revenues must have declined by 25% or more due to COVID-19.
There is no application fee. Loan funds are intended to support operations and employment.
Permitted uses include rent, utilities, supplies and wages. Payments may be made directly to vendors.
For the initial 6 months the loan carries no interest and requires no payments. Thereafter the interest rate is 2% and repayment is due within 24 months. Personal guarantees may be required.
The following are not eligible for the program:
- Non-profit organizations
- Gambling businesses
- Lending or investment businesses
- Multi-level sales distribution (pyramid) business
- Loan packagers
- Pawn shops
- Real estate developers or brokers
- Landlords
- Insurance businesses
- Businesses engaged in illegal activities
This is not intended to be legal advice. You should contact an attorney for advice regarding your specific situation.
Be sure to visit our Coronavirus Resource Page for more information.
Gary M. Schuster is partner at the firm and practices business, non-profit, and arts and entertainment law. He can be reached at 866-303-9595 toll free or 845-764-9656 and by email.
