New Local Loan Funds to Support Business Retention & Recovery
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New
Collaborative Tompkins County/City of Ithaca Small Business Resilience Fund Offers $5000 Forgivable Loan
The Tompkins County/City of Ithaca COVID-19 Small Business Resilience Fund (SBRF)
will
provide forgivable loans up to $5,000 for working capital to microenterprises and small businesses in Ithaca and Tompkins County experiencing hardship related to the COVID-19 pandemic
. Loans will carry a zero-interest rate, an 18-month term, and will be forgiven for businesses open and in operation on December 1, 2020 that have complied with the program rules.
Applications will be accepted on a rolling basis beginning April 15 with initial loan approvals by April 21 and initial loan closings by April 25, 2020. Applications will be reviewed and processed until the funds are exhausted.
The goal of the fund is to provide emergency relief to help owners retain their businesses and their employees. The fund seeks to be a bridge of support before additional state and federal resources become available and mandated social distancing is relaxed, and will primarily support ground floor storefront businesses open to the general public and businesses in established commercial districts.
The Ithaca / Tompkins County COVID-19 Small Business Resilience Fund (SBRF) represents the collaboration of local economic development agencies and community partners who created the fund and pledged $390,000 to capitalize it. Key contributors included the City of Ithaca/IURA, Tompkins County Development Corporation, and Cornell University, with support from the DIA, Tompkins Chamber, and Workforce Development Board. Alternatives Federal Credit Union (AFCU) will manage the intake and application process.
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Tompkins County Area Development
(TCAD)
introduces short-term emergency relief fund for businesses in Tompkins County that have been impacted by the Coronavirus pandemic.
The Emergency Relief Loan Program will provide
3-year term loans
to traded sector businesses whose customers are regional or national in scope (
businesses who primarily sell products or services outside Tompkins County
).
The loan will be for working capital to:
Prevent staff reductions; Allow business operations to continue; Offset losses related to the Coronavirus COVID-19.
Loan terms:
Maximum amount offered for this 36-month loan is $50,000; Interest rate is 2.5%; Principal and interest payments are deferred for one year;
There is no equity requirement
Eligible Borrowers:
Legally recognized forms of business, including sole proprietorships, partnerships, corporations, limited liability companies, limited liability partnerships, professional service corporations, not-for-profit corporations, and cooperatives. Business must be located in Tompkins County, must provide evidence of loss in revenue or cash flow within the last 60 days, and must be currently operating, even if only remotely.
Eligible Loan Uses Include:
Working capital (including payroll coverage); Inventory; Equipment; New marketing efforts; Other reasonable business expenses.
The loan may not be used to pay off existing loans or debt.
There is
no cost to apply
. There are
no closing costs or filing fees
. Loans will be
available until funds are committed
or until October 1, 2020.
For further information and to request an application
please contact Kathy May below.
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New Executive Order:
Face Coverings Required for Employees in Essential Businesses Interacting with Public
> Begins 8 p.m. today, April 15th
> Employers responsible for providing masks/coverings
> Employees allowed to use own coverings, but cannot be mandated to do so
> Scroll further in this email to request support locating face coverings from Chamber & community
> Read the full text of EO 202.16 at left
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Letter to Tompkins County Businesses and Employers from Public Health Director Frank Kruppa
As COVID-19 cases continue to rise in our community, this letter includes additional recommendations and precautions to protect the public, your employees, and stop the spread of COVID-19.
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U.S. Chamber Memorandum:
National Return to Work Plan
The U.S. Chamber hopes that by exploring and cataloguing some of the major implications of returning to work in this environment, we can help business and government better anticipate the challenges we may face.
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NEW SBA GUIDANCE on PPP Loans
Did you know?
In NYS,
40,975 PPP loans
have been approved for
$11,737,950,918
. Nationally, over 1 million loans have been approved for nearly $250 billion. For the most current and accurate information about PPP, please continue to visit their website at
www.sba.gov/PPP,
or use the links below.
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WEBINAR FRIDAY!
SBA Loan Programs with Daniel Rickman
Friday, April 17th, noon-1:30 pm
Dan Rickman, Deputy District Director for the SBA, will provide an overview of the agency’s Covid-19 relief efforts, including the Paycheck Protection Program (PPP), Economic Injury Disaster Loans (EIDL) and the EIDL Advance, and Debt relief for other SBA loan programs.
There will be time for Q&A.
Registration required, first come first served!
Being offered in conjunction with the Canandaigua Chamber, Watkins Glen Area Chamber, and Seneca County Chamber.
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While it's always best to talk with your existing banker/lender first, for your convenience, here is a list of local Member SBA Lenders participating in the PPP Program:
* Please note:
While all of these member lenders are participating, they may not be able to accept applications at all times due to extremely high volumes.
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Please take our newest survey
about the impacts of COVID-19, what actions you've taken and what resources you've used, and how we can best support your business or organization.
The Chamber, TCAD, DIA, and the City of Ithaca all thank you for your input! The survey was emailed to Key Decision Makers only at member firms on Thursday. If you did not receive a copy but should have, please email Jennifer Tavares at
[email protected].
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Do you need masks or hand sanitizer to support your essential business and protect your employees?
Please click the button to submit an email to Jennifer Tavares. Indicate how many essential employees you're seeking homemade fabric masks for (and for what purpose/responsibilities), and how many gallons of hand sanitizer you would be interested in receiving in the next week or two. We cannot promise supplies will be available, and note that you'll need to be patient
especially for masks. Thank you!
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Tompkins Chamber
Member Support Fund
through Chamber Foundation
The Chamber is providing critical support to our network and the community during this unprecedented crisis. In the coming weeks and months, engaging virtually with peers, receiving valuable information and resource updates, and sustaining the promotion and support of local businesses or organizations will be as important as ever. We are striving to make this information and services free of charge for those within our membership, and the broader community.
If you represent a business or organization that can support others weathering these circumstances by funding an additional program entry fee, or helping to subsidize their membership remaining active during the next six months, our community and organization could use your support.
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Still have questions?
Here's an adorable, inquisitive kitten to make you feel better.
Seriously, though...we'll do our best to help you or make referrals to those who have the answers you need.
* A brief reminder that we are not doctors or legal experts - just your friendly local Chamber doing our best to keep you informed.*
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