CANTON – The Town of Canton wants local businesses to be aware of the availability of two loan programs for businesses looking to support operations and/or build resiliency.

“These loan funds are an excellent opportunity to help local businesses develop or expand and it is key to make sure people know what resources are available to them,” said Town Supervisor Mary Ann Ashley.

According to Director of Canton’s Office of Economic Development Leigh Rodriguez in a press release, Canton’s COVID-19 Recovery Loan Program was designed to provide businesses located in the Town of Canton with short-term relief and access to working capital in response to the COVID-19 pandemic. 

Eligible applicants will receive a zero (0.0%) interest rate on up to a total of $25,000. This program will utilize USDA Rural Business Enterprise Grant funds, and will remain available at the discretion of the Town.

In addition, the town continues to provide low interest general loans for those businesses that may not qualify for the COVID-19 Recovery Loan Program. These are revolving loan funds that can be used for the financing of new businesses or the expansion of existing businesses, and should result in the creation of new employment, she noted.

More information regarding eligibility, terms, and the application process can be obtained by contacting Rodriguez, at lrodriguez@cantonny.gov.