Another 16 businesses in Chautauqua County hurt by COVID-19 will benefit from low-interest loans.
On Tuesday, the county Industrial Development Agency’s Board of Directors authorized $2.6 million in loans from its newly established Revolving Loan Fund. The money originated from the U.S. Economic Development Administration when it announced in September that the county IDA had been selected as a recipient of a $10.5 million grant through the CARES Act. The intent of the loan fund is to provide capital, in the form of low-interest loans, to both businesses and non-profit organizations as a means to respond to economic injury resulting from the COVID-19 pandemic.
IDA Announces Second Round of Federal EDA Funding for Businesses Impacted by COVID-19
A group of local, state and federal officials gathered in September 2020 to announce the County IDA had received $10.5 million from the U.S. Economic Development Administration to provide funding for low interest loans to assist businesses and organizations impacted by the COVID-19 pandemic. From left to right: Assemblyman Andrew Goodell; Joel Frushone, EDA Director – Office of External Affairs; Anthony Foti, Intergovernmental Affairs Director – U.S. Department of Commerce; Richard Dixon, CFO – County of Chautauqua Industrial Development Agency; Congressman Tom Reed; Senator George Borrello; County Executive Paul Wendel; Mayor Wilfred Rosas; Crystal Surdyk, Interim Director of Development for the City of Jamestown; Michael Metzger, Chairman of the Board for the CCIDA and VP for Finance and Administration at SUNY Fredonia.
Jan 26, 2021
Sixteen businesses and organizations have been approved for $2.6 million in funding by the Chautauqua County Industrial Development Agency through through the Coronavirus Aid, Relief, and Economic Security CARES Act.
The entities approved for Round 2 funding include: The Service Manufacturing Group, Inc.; Monofrax, LLC; Dahlstrom Roll Form; the National Comedy Center; Southern Tier Environments for Living, Inc.; Kosciuszko Polish Home Association, Inc.; Reg Lenna Theater; Cheer Starz Sports Club; Cleaners of Chautauqua, Inc.; Falconer Power Sports, Inc. dba Harley Davidson of Jamestown; Lynn Development, Inc.; Ready About Sailing, Inc.; Rocky’s Karate; MKJM, LLC dba The Landmark; Scott’s Peek n’ Peak, LLC; Maple Springs Inn; and Lidos Crescent Inn, Inc.
The Roberts Road Freezer project may be expanding.
During the Chautauqua County Legislature’s Public Facilities Committee meeting this week, members agreed to modify a resolution that would allow the company to purchase another 7.5 acres of land.
In 2018, Roberts Road Freezer, LLC purchased about 10 acres of land from the county to build a 100,000 foot freezer. The company, which was at time was doing business with Fieldbrook Foods, left an option open for them to purchase another three parcels of land for $1 in the next six years. After six years, the county would be free to market that property, however Roberts Road Freezer could match if it so chose.
gbacon@observertoday.com
After Chautauqua County successfully assisted more than two dozen businesses using federal funds in the fall, the county Industrial Development Agency is ready to help again.
The IDA next meets Tuesday, Jan. 26. Among the items on its agenda that day will be considering applications for round 2 of their CARES Act funds.
In September it was announced the county IDA was awarded a $10.5 million grant through the CARES Act to establish a new revolving loan fund that will provide capital in the form of low-interest loans to both businesses and nonprofit organizations as a means to respond to economic injury resulting from the COVID-19 pandemic.