IDA Works with North Country Alliance to Create Covid-19 Emergency Working Capital Loan Program
CANTON -- The St. Lawrence County Industrial Development Agency has worked with the North Country Alliance to create a Regional Working Capital Loan Program to respond to the economic hardship created by the current Coronavirus crisis.
An application for the program is available at the IDA website, www.slcida.com. Loans in the amount of up to $10,000 are available for businesses with less than 20 full-time equivalent employees prior to any Covid-related layoffs. For those businesses with 20 or more full-time equivalent employees prior to the Covid crisis, loans in the amount of up to $25,000 are available.The program is for applicants that have been in business for at least one year and will require a successful application and review process by the NCA. The loans will be made on a five year term at a 5% interest rate, with no payments due nor any interest accruing during the first three months of the loan term. Further information on the program is available in the attached program summary sheet and will also be available on the IDA’s website.
North Country Alliance President Marijean Remington comments about the program, “These are difficult times for all of us, I am very excited to see the North Country Alliance working with our local IDAs and other partners to be not just responsive, but also proactive in how we are working together to handle this situation.” Ms. Remington is also the Chief Executive Officer of Atlantic Testing Laboratories, a member of the NCA.
According to Patrick J. Kelly, St. Lawrence County Industrial Development Agency Chief Executive Officer and board member of the North Country Alliance, “This obviously isn’t a cure-all, but it is a start. We are working together as developers throughout the region to expedite the use of resources we have within our reach as more programs and assistance packages are being developed.”
Businesses and employers can reach out to the IDA directly for assistance with this program by calling 315-379-9806 or emailing [email protected].
About the St Lawrence County Industrial Development Agency:
The St. Lawrence County Industrial Development Agency is a public benefit corporation created by New York State legislation to promote, encourage, attract and develop job opportunities and economically sound commerce and industry in St. Lawrence County. As a full-service development agency, SLCIDA works to ensure that you maximize the services available to help you start, expand and maintain your business in St. Lawrence County.
About the North Country Alliance:
The NCA is an alliance of businesses and economic development organizations working together to grow the Northern New York region, information on the Alliance is available at www.northcountryalliance.org.
For further information contact:
Patrick J. Kelly, Chief Executive Officer
St. Lawrence County Industrial Development Agency
19 Commerce Lane, Suite 1
Canton, New York 13617