|Coronavirus Aid, Relief, and Economic Security (CARES) Act Revolving Loan Fund is a new economic recovery loan program, created by the Economic Development Administration under the U.S. Department of Commerce, designed to alleviate sudden and severe economic dislocation caused by the coronavirus (COVID-19) pandemic. It will provide permanent resources to support economic resiliency and further the long-term economic adjustment objectives of the Mohawk Valley region.|
CARES ACT REVOLVING LOAN FUND GUIDELINES:
· Small businesses and non-profits
· Must be located in Fulton, Herkimer, Montgomery, Oneida, Otsego or Schoharie counties.
· Up to $200,000.
· Loans up to 60 months.
· Months 1-12, principal payments only.
· Months 13-60, principal and interest payments.
· 0% interest for months 1-12, principal payments only.
· 2.44% interest rate for months 13-60.
Use of Proceeds
· Working Capital (inventory, taxes, utilities, rent, payroll, mortgage payments, supplies and all COVID-19/social distancing expenses).
· Any necessary expenses for responding to economic injury as a result of coronavirus.
How to Apply
Mohawk Valley Rehabilitation Corporation
Affiliated with Mohawk Valley Economic
Development District, Inc.
26 West Main Street, PO Box 69,
Mohawk, NY 13407-0069