County Begins Financial Assistance Program for Small Businesses

WHITE PLAINS, NY — The Westchester County Industrial Development Agency officially launched a new program Monday designed to ensure the short-term viability of both small businesses and nonprofit corporations negatively impacted by the new coronavirus pandemic. The program allows the IDA to provide financial assistance through the State Disaster and Emergency Loan and Grant Program.

Under the program, the IDA is providing grants in amounts not to exceed $10,000. The proceeds must be used for the purpose of acquiring personal protective equipment or installing equipment necessary to prevent the spread of the virus.

The IDA is also offering loans through the administration of the State Disaster Emergency Loan Program in amounts up to $25,000. Deferred and/or uncharged interest will be exempt from New York State taxation but may be subject to federal taxation.

To apply for the programs, go to this website.

To qualify for either a grant or loan, an eligible entity must establish that it was a financially viable entity prior to March 7, the date on which Governor Andrew Cuomo signed Executive Order 202 declaring a disaster emergency. Eligible entities must also conduct business in the area served by the IDA, been negatively impacted by COVID-19 and have fewer than 51 employees.

“The COVID-19 pandemic is having a terrible impact on the financial viability of Westchester County’s small businesses and small not-for-profits,” Westchester County Executive George Latimer said. “This important program, which we developed with the State, will provide much-needed assistance at a time when the County is beginning to re-emerge from this unprecedented economic collapse.”

The IDA is administering the program with assistance from Community Capital New York, a certified Community Development Financial Institution. Applicants will be advised of whether they have been approved or denied for a loan or grant within one month of submission of a completed application. The IDA will endeavor to fund the grants or loans within seven to 10 business days following receipt of an approval letter.

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