Last week, we wrote about state and federal aid opportunities for small businesses whose operations have been disrupted by the COVID-19 pandemic. You can view those posts here:
Now, Monroe County is offering localized aid. To assist small businesses that are dealing with the economic impacts of the COVID-19 crisis, Monroe County has established an Emergency Small Business Support Program. Zero interest loans of up to $10,000 are available to businesses with less than 50 full-time equivalent employees to support operations and employment. Qualifying business types include retail, healthcare, restaurants, real estate, technology, construction, personal and professional services and small manufacturers. A loan fund of $500,000 for this program is being managed by the Monroe County Industrial Development Corporation (MCIDC). A full set of program instructions and the loan application may be found here. As of the time of this news item, the Monroe County website indicates that applications are being suspended until the initial applications are processed. So, check back at that website regularly for when applications process reopens. The completed application may be submitted by mail to MCIDC, CityPlace, Suite 8100, 50 W. Main Street, Rochester, NY 14614 or by email to mcplanning@monroecounty.gov. The county notes that emailed applications will be processed more quickly.
MCIDC will review applications in the order received, and will make its loan decisions within seven business days from submission. All approved loans will require signed loan agreements prior to disbursement. Those Monroe County businesses that desire loans greater than $10,000, or have more than 50 employees, may wish to consider the U.S. Small Business Administration Economic Injury Disaster Loan Program or a Payroll Protection Program Loan. More information on those programs may be found here.
As always, if you have any questions, please feel free to contact us here or call us at 585.258.2800.