The Emergency Relief Loan Program has been expanded to help businesses devastated by this week’s historic flooding in Steuben County.
The Steuben County Industrial Development Agency announced that the ERLP established to help small businesses impacted by COVID-19 has been expanded to assist with flood recovery efforts.
Businesses can now qualify for up to $25,000 in low-interest financing to help with recovery efforts. Loans for up to 66 months at a fixed rate of 1% can be given to help with rebuilding or to purchase equipment or inventory damaged in the flood.
Eligible applicants are commercial, for-profit entities that own or manage a business located in Steuben County and meet the following requirements:
– The applicant will be a company with 50 or fewer employees or a sole proprietor.
– Businesses must maintain operations in Steuben County for the entire life of the loan.
– Companies and people with 20% or more of ownership must provide financial information in support of the loan request.
In addition to flood relief, the program continues to be available for any Steuben County business still affected by the pandemic.
For more information about eligibility or to apply, interested individuals should call REDEC at 607-962-3021 or send an email to [email protected].
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].