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Interest rates lowered for business loan program

Interest rates lowered for business loan program

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To help local businesses weather the economic impact of the COVID-19 pandemic, the Lake Champlain-Lake George Regional Planning Board has lowered interest rates for financing through its “COVID-19 Business Interruption Micro-Loan Program.”

The Lake George-based Regional Planning Board’s funding program can assist with financing of up to $25,000 at an interest rate of 1.9% for up to 60 months. There is no application fee.

The loan fund is available to businesses in Clinton, Essex, Hamilton, Warren and Washington counties that have been hurt by the COVID-19 outbreak.

Program loan funds may be used for working capital needs that include payroll, rent, utilities and monthly expenses. Funds may not be used to pay off existing debt, refinance other loans, acquire a position in a business, purchase equipment, make investments, expand a business or pay personal expenses. Other program restrictions apply.

People interested in obtaining one of the loans or getting more information can contact Andrea Palmer, economic development coordinator, at andrea.palmer@lclgrpb.org or 518-668-5773.

More information can also be found on the organization’s website at https://lclgrpb.org/revolving-loanfund/.

Reach Michael Goot at 518-742-3320 or mgoot@poststar.com and follow his blog poststar.com/blogs/michael_goot/.

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