POTSDAM – A new commercial loan created by the village in response to the COVID-19 pandemic is being offered to village business owners and current revolving fund borrowers located in the city.
Mayor Reinhold J. Tischler announced on Tuesday that the village is offering the COVID-19 working capital loan program with the aim of providing village business owners with access to small bridging loans that may be needed in the meantime. more substantial programs available through Federal Coronavirus Assistance, Relief and Economic Security Act.
According to a press release issued by Village Planning and Development Director Frederick J. Hanss, the new loan program will be administered by the Adirondack Economic Development Corporation and the COVID-19 working capital loan program may provide qualified borrowers with a 6 month working period. – principal loan of up to $ 3,200 at one percent interest.
The loan term can be extended on a case-by-case basis and the program can be used in conjunction with the recently launched AEDC Emergency Disaster Lending Program.
“AEDC is delighted to continue to partner with the village of Potsdam to assist with their disaster lending program,” AEDC Executive Director Victoria Duley said in an email. “Our team is focused on how we can help our businesses and communities stay and move forward during this unprecedented time. The village program, AEDC’s microcredit programs, and assistance in navigating federal programs such as the Economic Disaster Lending (EIDL) will help businesses in the short and long term. It is an extremely difficult time, but we have seen decades of resilience and dedication from our entrepreneurs.
The Saranac Lake-based nonprofit economic development organization manages all loans to small businesses in the village, Hanss said.
At Monday night’s village board meeting, Mr Hanss said he was also trying to educate local business owners about various regional and federal programs that could help them during this difficult time.
“I participate in weekly conference calls with my economic development colleagues from across the county and upstate New York,” said Mr. Hanss. “The North County Alliance gave an emergency loan to the Business Relief Program and the only four applicants it received last Thursday were from St. Lawrence County and three of them were from Potsdam. So we got the word out quickly and people are taking advantage of this resource. “
He told The Times on Thursday that the North Country Alliance’s Emergency Business Assistance Program and the village’s COVID-19 working capital loan program are designed to be bridge funding for now, to the point that Small Business Administration funding is becoming more widely available.
Interested applicants can apply for a loan from ACED by contacting Small Business Development Specialist Steven Garneau at: [email protected].
For more information on the Village of Potsdam COVID-19 Working Capital Loan, contact Planning and Development Director Fred Hanss at: fhanss @ vi, potsdam.ny.us.