Islip Industrial Development Agency Launches COVID-19 Disaster Loan/Grant Program
July 28th, 2020 (Islip, NY )—The Town of Islip Industrial Development Agency today announced it will offer grant or loan assistance to eligible businesses who have demonstrated a financial need arising from the COVID-19 Emergency Disaster declared by NY State Governor Andrew Cuomo. The loan/grant program will adhere to the NYS Emergency Disaster Loan Program signed into law by the governor on June 19, 2020. The Agency plans to make a total of $250,000 available to businesses for the loan/grant program.
“This grant and loan program from the agency is intended to reach those small businesses that have been hardest hit by the COVID-19 public health emergency. We’re targeting those businesses that had to close due to the pandemic, and that remained closed through Phase 1 and beyond. Small businesses are the backbone of our Main Streets and our Town, and are the product of lifelong dreams, resolve and tenacity. The Town of Islip is committed to doing its part to help our businesses succeed in the aftermath of this pandemic,” said Islip Supervisor Angie Carpenter.
The Loan Program maximum dollar amount is $25,000 with a 0% interest rate.
Businesses must:
• Be located in the Town of Islip.
• Have no more than fifty (50) and no less than three (3) employees.
• Make a commitment to job retention.
• Demonstrate that the use of the loan proceeds will positively impact the community.
• Have been operational for at least two years, and financially viable prior to the declaration of the emergency disaster (no startups).
• Demonstrate a financial need caused by the declaration of the emergency disaster.
• Demonstrate the ability for loan repayment within the prescribed 12-month period required by law.
• Provide personal guarantees of all owners.
Priority will be given to businesses that:
• Were not defined as an essential business and therefore were closed during the period of March 7, 2020 to May 27, 2020 or beyond.
• Are located in distressed communities (as defined in Article 18-A of GML).
• Are certified Minority or Women Owned Businesses (MWOB).
• Are a Veteran Owned Business.
• Will use the proceeds of the loan in conjunction with a capital project.
• Will provide matching funds.
Priority will be given to businesses that:
• Were not defined as an essential business and therefore were closed during the period of March 7, 2020 to May 29, 2020 or beyond.
• Are located in distressed communities (as defined in Article 18-A of GML).
• Are certified Minority or Women Owned Businesses (MWOB).
• Veteran Owned Businesses.
“We encourage those small businesses that truly need this financial assistance to visit our website, www.islipida.com and make an application to the agency,” said William Mannix, Executive Director, Town of Islip Industrial Development Agency.