As a part of our Revolving Loan Funding, due to COVID, the IDA has created an
Emergency Loan Program to assist our local businesses during this economic disaster.
Eligibile Activities-
- Working capital
- Rent/lease payments
- Utilities
- Vendor invoices
- Refinancing
- Loan consolidation
- Equipment purchase
- Site locations
Interest Rates- Annual fixed rate of 1% with the exception of refinancing/debt consolidation which will be an annual fixed rate of 2%
Term- Emergency Loans will have a repayment period of fifteen (15) years.
Loan Amount- Maximum amount for loans will be $50,000
Deferral Period- For the first ninety (90) days, loans will be deferred and interest free.