New CARES Act loans available in Chautauqua County

Chautauqua County is offering new rounds of CARES Act low-interest loans to local businesses and nonprofits.

The Chautauqua County Industrial Development Agency will provide another round of low-interest loans. This is intended to mitigate any economic impact caused by the COVID-19 pandemic.

Loans are between 25% and $100,000 with an interest rate of 2.44%.

“The Revolving Loan Fund (RLF) has been providing capital, in the form of low-interest loans, since its initial launch,” a press release read. “The RLF program has been made available to a wide range of industry sectors, including professional services, non-profit organizations and other sectors that had previously been excluded from receiving loan funds from the CCIDA As currently established, the RLF will provide loans of at least $25,000 and not exceeding $100,000, with an interest rate of 2.44% (the lowest allowed). Since RLF’s inception, CCIDA has been able to help more than 50 Chautauqua County businesses and nonprofits, allowing them to stay in business, saving thousands of jobs and helping the local economy rebound.”

Mark Geise, County Assistant Director for Economic Development and CEO of CCIDA, said “we still have funds remaining from the original award, and application and program details are currently available.” He invites anyone interested in applying to contact the CCIDA office at 716-661-8900.

Funding comes from the first Federal CARES Act Award.

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