Small Business Recovery Loan Program
In August 2020, the Lake Champlain - Lake George Regional Planning Board was awarded a $2,940,000 Revolving Loan Fund CARES Act grant from the Economic Development Administration to assist small businesses within Clinton, Essex, Hamilton, Warren, Washington, Jefferson, Lewis, and St. Lawrence Counties that have been impacted by the COVID-19 pandemic. This fund was capitalized to alleviate the sudden and severe economic dislocation caused by the coronavirus (COVID-19) pandemic, to provide permanent resources to support economic resiliency, and to further the long-term economic adjustment objectives of the region.
The objective of the COVID-19 Small Business Recovery Program is to assist small businesses by providing loans in two categories:
- Economic Injury: The region’s small businesses in many sectors have been negatively affected by COVID-19 pandemic. Working capital loans will be made available to businesses that can show they have endured economic injury as a result of COVID-19.
- Future Resiliency: The COVID-19 outbreak has changed people’s expectations in the workplace and public. A loan from this program would give a business the ability to purchase equipment and/or supplies, including Personal Protection Equipment (PPE), related to prolonged heightened safety protocols. Funding will also be available for physical infrastructure upgrades related to COVID-19 needs. Borrowers must relate all purchases to the COVID-19 pandemic, demonstrate what will be purchased with the loan funding and determine its useful life.
- $25,000 - $150,000 loans
- 1.9% fixed interest rate
- First 12-months interest-only payments
- Up to 84-month term available
- No application fee or closing costs
- Must show job retention
- Sufficient collateral and personal guarantee required
Program loan funds may not be used to pay off existing debt, refinance other loans, acquire a position in a business, investments, expansion of a business, or personal expenses. No start-ups. Other Program restrictions apply.
Applications are only available after eligibility requirements are met.
We have teamed up with our partner organizations throughout the region to help deploy this program. If you are interested in obtaining one of these loans, please reach out to the contact in the county that your business is located in:
Essex County: Carol Calabrese, Essex County IDA email@example.com 518-873-9114
Hamilton County: Christy Wilt, Hamilton County IDA Christy@HamiltonCountyNY.gov 518-548-3078
Jefferson County: Lyle Eaton, Jefferson County IDA firstname.lastname@example.org 315-782-5865
Lewis County: Cheyenne Steria, Lewis County Economic Development email@example.com 315-376-3014
St. Lawrence County: Kim Gilbert, St. Lawrence County IDA firstname.lastname@example.org 315-379-9806
Warren County: Lake Champlain-Lake George Regional Planning Board email@example.com 518-668-5773
Washington County: Deanna Derway, Washington County LDC firstname.lastname@example.org 518-746-2295
Revolving Loan Fund
The Lake Champlain - Lake George Regional Planning Board operates a regionally based Revolving Loan Fund (RLF) program that provides financing to support the growth of small businesses through the five-county area. The Loan Fund provides low cost, short term financing to businesses that are unable to obtain conventional bank financing. Since its inception, over $13 million in loans have been made for start-ups and business expansions in the region.
The Regional Planning Board operates three loan funds that were originally capitalized by grant funding from the US Department of Commerce.
|Year Capitalized||Original Grant Amount||Service Area||Special Considerations|
|1985||$1,000,000||Clinton, Essex, Hamilton, Warren, Washington, Jefferson, Lewis, St. Lawrence Counties||Funding also available for businesses within the Black River – St. Lawrence region|
|1988 and 2000||$716,287||Clinton, Essex, Hamilton, Warren Washington Counties||N/A|
|2012||$800,000||Clinton, Essex, Hamilton, Warren Washington Counties||Must be used for business that have been negatively affected by storm events or for projects that will assist a business in becoming more resilient towards storm events|
All types of business ventures are eligible to receive assistance, however, the program targets small to medium businesses that are locally owned and operated. Special consideration is given to businesses that provide full-time, year-round employment. Creation and retention of jobs are of equal importance. Projects that involve redevelopment of unused or vacant buildings are especially attractive, as well as projects that will assist in revitalizing community, downtown areas or economic districts. Also taken into consideration will be projects that will create the types of jobs that are appropriate for the existing labor pool.
The following activities are eligible for the use of RLF funding:
- Purchase of vacant property or existing facilities;
- Improvement of land;
- Rehabilitation and renovation of existing property;
- Expansion of current business property;
- Lease-hold improvements and acquisitions;
- Purchase of machinery, equipment, and inventory;
- Working capital loans where employment is created/retained; and
- Start-up costs.
To ensure loan funds are used wisely, applicants are asked to demonstrate how their project meets the economic development needs of the region. Projects are then evaluated based on community need, local capacity, and project impact and readiness. Applications are processed on a first come, first served basis and subject to availability of RLF funds.
To learn more about the LCLGRPB’s Revolving Loan Fund, please read the 2018 – 2022 Revolving Loan Fund Management Plan.
All loan applications are presented to the LCLGRPB RLF Loan Administrative Committee for review. Applicants are required to attend the review meeting to discuss their application with the committee.
Applications can be emailed, mailed or hand-delivered to:
Lake Champlain – Lake George Regional Planning Board
1 Lower Amherst Street
PO Box 765
Lake George, NY 12845
Please follow all the instructions on the application to ensure your application package is complete. Only complete application packages will be reviewed by the Loan Administrative Committee.
Need help pulling your application together and don’t live near the LCLGRPB offices in Lake George, Warren County? Visit our local economic development partners:
Quick facts about the LCLGRPB’s Revolving Loan Fund
- $20,000 - $150,000 loan amounts
- Variable interest rates
- Must have been rejected for conventional financing
- Loan Terms:
Brick and Mortar and Real Estate: 10 – 15 years
Machinery and Equipment: 5 - 10 years
Working Capital: 5 – 10 years
- All borrowers are encouraged to provide 10% cash equity
- Sufficient collateral required
- Personal guarantee required
- $250 non-refundable application fee due at time of submission
- 2% closing fee