A small-business emergency loan program has been created by Monroe County that aims to provide up to $10,000 in no-interest funding within seven days.
The program, approved Wednesday by the Monroe County Industrial Development Corp., offers zero-interest loans of up to $10,000 for working capital to a broad range of qualifying businesses in retail, health care, restaurant, real estate, technology, construction, personal/professional services, along with small manufacturers and other businesses with 50 or fewer full-time equivalent employees.
“Our small businesses are suffering from the loss of working capital due to circumstances beyond their control, and it’s important we do all we can to help employers and their employees make it through this crisis,” County Executive Adam Bello said in a news release.
Bello said the loans “help support the vital small businesses that serve as this region’s economic engine through their time of greatest need.”
Program instructions and applications are available at www2.monroecounty.gov/economic2-index.php. Applications can be submitted electronically to email@example.com or by mail to MCIDC, 50 W. Main St., Rochester, NNY, 14614. The county says applications submitted via email will be processed more quickly.
“Small businesses are the cornerstone of the Rochester economy, supporting more than a third of our jobs,” said Matt Hurlbutt, president and CEO of Greater Rochester Enterprise. “We are confident the new emergency loan fund…will help our small businesses bridge a funding gap at this critical time.”