"The CLF is intended to assist businesses located in Essex County that have had a direct economic loss as a result of the Lake Champlain Bridge closure with a maximum loan of $25,000 for working capital or lines of credit and up to $25,000 loan for machinery and equipment. This loan fund is a vital economic development tool and I would encourage businesses interested in the loan program to contact the IDA for more information on the program by calling 518-873-9114 or loan applications can be downloaded from the IDA website at www.essexcountyida.com ," said Carol Calabrese, IDA co-executive director. "Empire State Development has been very supportive and has provided various programs to help local businesses through this tough economic time that has resulted from the Lake Champlain Bridge closure."
The Lake Champlain Bridge Economic Assistance program was announced by the governor in November and addresses the region's full range of economic industries by awarding grants to small businesses; helping farms and manufacturers offset increased travel costs; and making low-interest loans to assist small firms pay employees and keep their doors open.
The first two portions of the program-the Retail Assistance Grant and Assistance for Increased Travel Costs-have been available since early December.