Hudson, NY – Columbia Economic Development Corporation (CEDC) today announced they have established a $300,000 Rapid Recovery Loan Program to support small businesses in Columbia County.
The new Rapid Recovery Loan Program offers low-interest loans of up to $15,000 to qualified applicants.
Businesses must be located in Columbia County, be in operation for at least 2 years, and have 25 or fewer full-time employees. Complete loan criteria is available online at: www.columbiaedc.com.
The interest rate for CEDC’s Rapid Recovery Loan Program is 3.75% for a 5-year term and there are no application or processing fees. Closing costs are equal to 1% of the loan amount. No payment will be due for the first 6 months.
“This has been the greatest challenge most Columbia County business owners have ever faced, as many have had to temporarily close for business,” said Matt Murell, Chairman of the Columbia County Board of Supervisors. “The Rapid Recovery Loans through Columbia Economic Development Corporation will help with much-needed capital as business owners bring back employees, order inventory and prepare to reopen.”
CEDC Board Chairman David Fingar said, “The interest rate on CEDC’s new Rapid Recovery Loan matches the SBA Economic Injury Loan rate of 3.75%. The five-year term keeps the monthly payments reasonable, and the six-month deferment helps with cash flow as our county businesses get back up and running. ”
City of Hudson Mayor Kamal Johnson said, “Hudson’s business community has come together during the COVID-19 pandemic. We can be proud of our many business owners’ efforts to help their staff, assist each other, and share ideas, all while managing their businesses during the crisis. The Rapid Recovery Loan through CEDC will provide needed working capital as they prepare to reopen and rehire.”
Application, loan guidelines and a PDF Application Preview for reference can be found online at: www.columbiaedc.com.
Michael Tucker, President & CEO, Columbia Economic Development Corporation said, “CEDC designed Rapid Recovery Loans to benefit business owners as they prepare for the ramping up phase of their business. Our goal is to close the loans over the next few months, when business owners need working capital to maintain and grow their business.”
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Columbia Economic Development Corporation (CEDC), the leading economic development organization in Columbia County, is committed to strengthening the county’s tax base through economic development and job creation while maintaining the quality of life so desired by the people who live and work here. For more information about CEDC’s programs and services, visit www.columbiaedc.com or call 518 828.4718.