Tompkins County Area Development
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 legally recognized 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.
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 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.
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.