Micro-Loans to Support Small Businesses in Ogdensburg Impacted by COVID-19 Announced
(Ogdensburg, NY - May 18, 2020) The Ogdensburg Growth Fund COVID-19 Small Business Resilience Microloan (SBRM) is a collaboration between the local economic development corporation and Northern Border Regional Commission (NBRC). The partners have created the microloan fund and pledged $40,000 to capitalize it.
A loan review committee composed of local economic development professionals will review applications for eligibility and select applications that best meet program criteria and priorities. Applications will be accepted on a rolling basis; initial application deadline is May 29, 2020 with preliminary loan approvals on June 4, 2020 and loan closings by July 8, 2020. Applications will be reviewed and processed until the funds are exhausted.
Growth Fund Chairman Scott Wright, speaking about the fund, said: “Local small businesses have been hit hard, and we all need to do what we can to support them and give them a fighting chance to withstand the COVID-19 crisis. Fortunately, we have an incredibly creative, collaborative and resilient community. This fund is just one more example of how we are coming together to support our local small businesses and I’m proud that Northern Border Regional Commission has been able to play a role in pulling this together on behalf of businesses across Ogdensburg.”
About the SBRM
The Ogdensburg Growth Fund COVID-19 Small Business Resilience Microloan (SBRM) will provide loans up to $10,000 for working capital to microenterprises and small businesses experiencing hardship related to the COVID-19 pandemic. Loans will carry a zero-interest rate, a 24-month term, with all payments deferred for 6-months.
The primary goal of the fund is to provide emergency relief to help business owners retain their businesses and respond to new requirements as a result of CODIV-19. The fund seeks to be a bridge of support before mandated social distancing is relaxed and reopening is in full swing. Among other priorities, the fund aims to support ground floor storefront businesses open to the general public and businesses located in the City’s designated Brownfield Opportunity Area.
- Principal place of business must be located within the City of Ogdensburg.
- Business must have been in operation on or prior to February 15, 2020.
- Businesses must have 25 or fewer employees.
- Business must have $2.5 million or less in annual gross revenues.
- Business must meet one of the following criteria:
- Business is public-facing (e.g. retail, coffee shop, food service) and is directly impacted by new public health requirements related to the COVID-19 pandemic.
- Business has experienced 20% or more decline in revenues since March 1, 2020 due to the COVID-19 pandemic.
The fund is open to businesses throughout the City of Ogdensburg. Interested businesses can visit the Ogdensburg Growth Fund’s Website for COVID-19 Business Resources at https://ogdensburg.org/444/COVID-19 to download the full program guidelines and information about how to apply. For general inquiries, contact Andrea Smith, Administrative Director (315) 393.7150 or firstname.lastname@example.org.