GENESEO – Livingston County officials are hoping a new, low-interest loan program will help local small business owners who’ve been forced to close up shop due to public health measures meant to slow the spread of the new coronavirus.
The program, dubbed the Local Business Recovery Fund, will provide loans of no less than $2,000 and no more than $10,000 to eligible applicants for reopening their business.
“The COVID-19 crisis has had a devastating impact on small businesses, which are the backbone of our Livingston County community,” said Bill Bacon, the county’s economic development director. “Our goal with the recovery fund is to help our small businesses sustain their operations during this challenging time and offer assistance as they prepare to reopen their doors.”
Loan recipients must reopen their businesses with 30 days once government orders have been lifted. Loans come with a 48-month repayment term and a one-percent interest rate. No payments will be due for six months.
In order to be eligible for a loan, applicants must:
-Be a for-profit business located in Livingston County -Document injury to business as a result of coronavirus pandemic -Have acceptable personal credit history and credit scores prior to New York’s state of emergency declaration -Be current with all property taxes, sales taxes, and state and federal income taxes
Loan funds can be used for the modification of an existing business to adapt to governmental orders imposing restrictions on business operations and for business-expenses like employee payroll and benefits, rent and utilities.
The county began accepting applications Thursday and will field them in the order in which they’re received. It will continue accepting applications until June 30 or until it loans out the $200,000 its allocated for the fund. Click here to review the application packet.