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COVID business loans available

LAKE GEORGE — The Lake Champlain-Lake George Regional Planning Board has partnered with the Essex County Industrial Development Agency, Hamilton County IDA and Lewis County Economic Development to offer low-interest loans to businesses affected by the COVID-19 pandemic.

Businesses are eligible for loans from $25,000 to $150,000 at an unprecedented 1.9% interest for up to seven years. There are no application or closing costs, and the first 12 months’ payments are interest-only. Eligible business must be located in Warren, Washington, Hamilton, Essex, Clinton, St. Lawrence, Lewis or Jefferson counties.

Loans can be used for working capital, equipment purchase or facility upgrades related to the COVID-19 pandemic. All applicants must show how their business has been negatively affected by the COVID-19 pandemic.

Funds may not be used to pay off existing debt, refinance other loans or acquire a position in a business. Funds may also not be used to pay for any personal expenses, investments or expansion of a business. No start-ups.

The deadline for the program is May 1, 2022, while funds last.

If interested, contact the representative in the county in which your business resides:

¯ Essex County: Carol Calabrese, Essex County IDA, 518-873-9114

¯ Hamilton County: Christy Wilt, Hamilton County IDA, 518-548-3078

¯ Lewis County: Cheyenne Steria, Lewis County Economic Development, 315-376-3014

¯ Clinton and Warren counties: Jamie White, LCLGRPB, 518-307-8674

For more information, visit https://lclgrpb.org/revolving-loan-fund.

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