Greene County EDC to Provide Zero Interest Emergency Loans to Small Businesses

Greene County EDC to Provide Zero Interest Emergency Loans to Small Businesses

Greene County Zeroes in on
COVID Disaster Relief

Zero Interest

Zero Payments for Six Months

Zero Matching Funds

Zero Closing Costs

Zero Application Fee

In response to the business damages created by the COVID-19 pandemic, Greene County has created a special disaster loan program to assist small businesses that were negatively affected. The County, in conjunction with the Greene County Economic Development Corporation (GCEDC), is allocating Community Development Block Grant funds for small business loans that retain or create jobs that primarily benefit low and moderate income people. Loan applications will be accepted until June 30, 2020.

Emergency Loans for Small Businesses to Assist with Retention or Restoration of Employees:

  • Small Emergency Loans of $10,000
  • Loans can be used for working capital, inventory, materials and supplies
  • Loans will be provided for two years, with a six-month deferral of payments at the beginning of the term.
  • Small Businesses of 10 employees or less
  • Maximum Funds Committed $500,000

Emergency Loans for Microenterprise Businesses to Assist with Hiring of New Employees:

  • Microenterprise Business Loans of up to $25,000
  • Loans can be used for machinery, equipment, furniture, fixtures, working capital, inventory, materials and supplies
  • Loans will be provided for three years (terms may be extended upon request and need), with a six-month deferral of payments at the beginning of the term.
  • Small Businesses of 5 employees or less
  • Based Upon Availability

Terms and Eligibility:

  • The loans will be provided at zero interest.
  • There will be zero closing costs, and zero application fees.
  • There are expedited underwriting and relaxed collateral standards, streamlined processing, and generous terms and conditions, as appropriate, for these special loans. Personal guarantees will be required, and funds may not be used for items paid for through the SBA business programs.
  • A special application has been prepared for this program, with less paperwork required.
  • Businesses must either be open, or commit to an opening date.
  • Refinancing of Debt or Repayment of Shareholder Debt is Ineligible

Projects that will retain jobs that otherwise would be lost due to the pandemic will receive priority. This special program can work with any other disaster-related funding source in order to get businesses back up and running as quickly as possible. This program is funded with Community Development Block Grant (CDBG) funds provided by the US Department of Housing and Urban Development (HUD), and as such all applications are required to meet program rules and regulations.

An application is available at the Greene County EDC Website, or by regular or e-mail by calling the Greene County Economic Development, Tourism and Planning’s office at 518-719-3290. 

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