5/19/10 - Lake Champlain Bridge Community Revolving Loan Program
Lake Champlain Bridge Community Revolving Loan Program
The primary goal of the loan program is to assist businesses located in Essex County that have experienced negative economic impact as a direct result of the closure of the Lake Champlain Bridge on October 16, 2009.
Eligible Borrowers:
- Authorized to conduct business in New York State
- New York State taxpayer
- Not-for-profit organizations
- Independently owned and operated
- 100 employees or less
- In business since June 1, 2009
Eligible use of funds include: working capital loans or lines of credit up to $25,000, and/or machinery and equipment loans up to $25,000.
Term of Loan: No principal or interest payment until such time as the Lake Champlain Bridge, located in Crown Point New York is open and operational to the public. There is 0% interest rate for the life of the loan.
Applications can be found on the Essex County IDA website: www.essexcountyida.com Go to Lake Champlain button, or call 518-873-9114.
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