Westchester Industrial Development Agency Announces New Grant/Loan Program
As a follow-up to our recent article Localities Set Up Recovery Loan and Grant Programs, the County of Westchester Industrial Development Agency (IDA) just announced a new program that is designed to ensure the short-term viability of both small businesses and not-for-profit corporations negatively impacted by COVID-19. An eligible qualified business can apply for both a grant and a loan, but only one will be awarded. The program will close after 100 grant and loan applications collectively have been submitted.
Under the program, the IDA provides grants to small businesses and small not-for-profit corporations in an amount 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 COVID-19.
The IDA is also offering loans to qualified small businesses and small not-for-profit corporations in an amount up to $25,000 through the administration of the State Disaster Emergency Loan Program. The loans are available at 0% interest.
For more information about the Westchester IDA Loan and Grant Program, please visit here.