NEW WINDSOR – The Orange County Industrial Development Agency (IDA) announced the official launch of its $500,000 loan program through the Orange County Funding Corporation (OCFC) intended to help local businesses affected by COVID-19.
The loan program will help support businesses with 25 or fewer employees. The maximum loan amount is $10,000. The loans will be 0% interest with no payments for 6 months. Funds may be used to support operations or employment, and the proceeds can be paid directly to vendors when possible.
OCFC’s Loan Committee will review applications weekly until funds are exhausted, or until the program expires on 09/30/2020, whichever is first. Approvals will be communicated to the applicant once the submission has been reviewed, and closings will take place within ten (10) days of approval.
There is no cost to apply.
Applications can be found at: https://www.ocnyida.com/funding-corporation/small-business-loan/
This loan program comes on the heels of three free webinars intended to help local businesses in Orange County, and dozens of one-on-one consultations with individual companies.
“Now more than ever, we must do everything in our power to bolster local small businesses. The Orange County IDA has hosted free webinars, advised local businesses, helped with federal paperwork – and now the Funding Corporation is putting its money where its mouth is with a half million dollar loan program. We are excited about this next step,” said Laurie Villasuso, Chief Executive Officer of the Orange County Industrial Development Agency.