As local businesses continue to deal with the uncertainty of a COVID-affected economy, while also trying to recover and become more resilient, the Utica Industrial Development Corporation (UIDC) has expanded its COVID-19 Relief Loan Program.
After gauging the need for working capital and funding to enable business resiliency among local businesses, UIDC has sought out and received additional funding which is now available to businesses in our community. In December 2020, UIDC received a $50,000 grant from the Opportunity Finance Network to expand its COVID-related small business lending activities. And in April 2021, UIDC entered into a partnership with Empire State Development to deploy up to $100,000 in loan funds to businesses within its target investment area.
“UIDC is pleased to have received support from the Opportunity Finance Network and Empire State Development in order to assist businesses and expand our COVID-19 Small Business Relief Fund,” said UIDC Chairman John Snyder. “As area businesses turn the corner from this pandemic, we believe this program can play an important role. UIDC hopes that this program will continue to be an important part of the economic renewal of our community.”
Empire State Development Acting Commissioner and President & CEO-designate Eric Gertler said, “New York’s small businesses are at the heart of the state economy and helping them to recover from the economic impacts of COVID-19 is crucial to moving forward. ESD is proud to partner with the Utica Industrial Development Corporation to give local businesses the support they need to turn the corner.”
UIDC’s COVID-19 Small Business Relief Loan Fund can assist businesses with less than 25 employees in covering short-term working capital needs or capital expenses that aid in building business resilience to COVID and other potential disasters. Loans are available ranging from $5,000 – $25,000, with an interest rate of just 3%. All repayments will be deferred for the first three months, followed by a three-month interest-only period, followed by a principal-and-interest tailored to the company’s needs and circumstances. Businesses will be required to retain all employees for the term of the loan.
The fund will be limited to businesses in Oneida and Herkimer County with a preference for businesses located within UIDC’s Target Investment Areas. A qualification survey can be completed online at www.mvedge.org. More details on eligibility, loan terms, size and use requirements will also be listed on EDGE’s webpage. Each application will be reviewed upon receipt of all required documentation. Decisions on approval or denial of loan funds will be made within two weeks of application submission.
About UIDC: Utica Industrial Development Corporation was certified in 2016 by the US Treasury Dept. as a Community Development Financing Institution. This federal certification is provided to organizations that emphasize community and economic development in economically distressed communities. UIDC’s status as a CDFI means that it will place an increased focus on lending activity in the areas of Rome, Utica, and Herkimer, and the towns and villages by which they are connected.