GLENS FALLS — EDC Warren County wants businesses to have more time to pay off their loans provided by local economic development agencies.
The agency’s board of directors voted Friday on a resolution to advocate for that measure.
“These are extraordinary times. We should do everything we can to make it easy for forbearance of loans for the next month or more,” said board member Alex Rotolo, who is chief financial officer of Finch Paper.
“Cash flow is everything right now. The economy will come back, but we don’t need to be going after loans in the short term,” he added.
Board Chairman Matt Fuller, who is an attorney, said he is already getting a lot of calls from his small business clients concerned about this issue. He said he has seen banks turn around this paperwork very quickly for loan extensions.
Rotolo said it is important these transactions be handled quickly.
“The quicker businesses have this information, they will make decisions that won’t harm our local economy as much,” he said.
EDC Warren County President Edward Bartholomew said the agency will be communicating with businesses to provide information about low-interest loans being made available through the Small Business Administration.
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It is offering low-interest federal disaster loans for working capital for small businesses that are being hurt by the coronavirus, according to a news release. The rate is 3.745%. For more information, visit https://disasterloan.sba.gov/ela.
SBA is offering a low interest business loan of 3.745%. The closest SBA office is in Colonie, however the recommended contact is below. (Chrome browser may trigger error message; we suggest using an alternate browser.)
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