Small Businesses in Tioga County that have been impacted by the coronavirus pandemic can now apply for emergency loans through the County’s COVID-19 Emergency Relief program.
The Tioga County Legislature created a $475,000 fund to provide zero percent (0 percent) interest, 180- day emergency loans to small businesses in the County that have fewer than 50 employees.
The purpose of the fund, according to County officials, is to prevent staff reductions, allow business operations to continue and to offset losses related to the coronavirus. The source of funding for the program is a HUD Small Cities revolving loan fund already held by the County. HUD issued an approval to reallocate the funds to establish the COVID-19 Emergency Relief Program.
William T. O’Connell, director of Community Planning and Development, stated, “This appears to be an eligible use of Small Cities Community Development Block Grant (CDBG) Revolving Loan Funding; therefore, HUD does not object to this targeted use of those funds.”
O’Connell went on to say, “HUD appreciates the County’s proactive effort to assist small businesses who have been negatively impacted by the COVID-19 pandemic.”
The Tioga County Industrial Development Agency (TCIDA) will administer the fund on behalf of the County.
The Emergency Relief program will offer up to $25,000 loans to small businesses in order to address the financial impact of the coronavirus situation. TCIDA anticipates the average loan size to be around $10,000. The new loan program targets business owners in need of a short-term immediate solution for working capital.
The Small Business Administration (SBA) is currently offering both an Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP). The County encourages business owners to first pursue these funds, but to keep the County program in mind as a viable alternative.
Those seeking financing can find the COVID-19 Emergency Relief Loan application online at www.tiogacountyny.com. Choose the COVID 19 tab at the bottom of the page, then go to Business Support Information.
Tioga County Legislative Chairperson Marte Sauerbrey offered, “The hardships being experienced by small businesses and their employees are crippling and they will have both short and long-term impacts. The Emergency Relief Loan Program is a tool to help small businesses make it through this difficult time.”
Contact TCIDA Executive Administrator Christine Curtis at (607) 687-8259 or CurtisC@co.tioga.ny.us if you have questions regarding the program.
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