Monroe County Executive Adam Bello recently announced an emergency small business assistance loan program to help businesses affected by the COVID-19 crisis.
“Our small businesses are suffering from the loss of working capital due to circumstances beyond their control, and it’s important we do all we can to help employers and their employees make it through this crisis,” Bello said. “By offering no-interest loans of up to $10,000, we are helping support the vital small businesses that serve as this region’s economic engine through their time of greatest need.”
The program, approved by the Monroe County Industrial Development Corp., offers zero-interest loans up to $10,000 for working capital to retail, health care, restaurants, real estate, technology, personal/professional services, construction, small manufacturers and other businesses with 50 or fewer full-time equivalent employees.
Program instructions and applications are available at bit.ly/3btOgPA. Applications can be submitted to mcplanning@monroecounty.gov or MCIDC, 50 W. Main St., Rochester, New York, 14614. Applications submitted via email will be processed more quickly. The aim is to have applications processed and loans approved and paid out within seven business days.
“Monroe County residents rely on our small businesses for employment, quality of life and community cohesion,” said Ana Liss, MCIDC executive director. “During this unprecedented crisis, we must take measures to support these firms so that owners, employees and their families can survive current economic circumstances brought on by COVID-19.”
Initial funding for the program is $500,000, but that amount may increase depending on demand and support.