FOR IMMEDIATE RELEASE
April 20, 2020
Development Corp Offering Micro Loans
KINGSTON, NY – Mayor Steven T. Noble and
the Kingston Local Development Corporation (KLDC) are pleased to announce the
Economic Injury Microloan Program to assist City of Kingston businesses
affected by the current economic crisis.
The KLDC designed the microloan program to
assist small local businesses by offering low interest loans up to
$7,500. Similar to the loans offered by the SBA, this microloan will be
offered on a first-come, first-served basis, as funds are limited. KLDC staff,
finance committee, and full Board of Directors will review each application
simultaneously to expedite loan approvals. All decisions are at the sole
discretion of the Board of Directors.
“We recognize that this is an extremely
difficult time for all businesses, but especially to small local businesses who
have had to close or drastically reduce operations,” said Mayor Noble. “We hope
that these loans will help our beloved local businesses stay afloat so that
they can thrive when the pandemic is behind us.”
No payment will be due for the first six
months and the accrued principal and interest will be amortized over the
remaining life of the loan. The interest rate for the Economic Injury
Microloan Program is set at 1.00% for a term not to exceed 72 months (6 years).
There will be no application or processing fees.
Business must be located within the City
of Kingston and applicant must reside in Ulster County, must be able to show
economic distress from the pandemic and explain how the loan will be used.
Applications can be found here.
For more guidelines, visit: https://www.kingston-ny.gov/kldc
About the KLDC: The Kingston Local
Development Corporation (KLDC) is a not-for-profit organization dedicated to
helping local businesses secure the funding they need to succeed. The KLDC
connects businesses with funding sources and provides loans that help
businesses to create jobs, leverage private investment, and ensure a diverse,
stable local economy.
to application: https://kingston-ny.gov/filestorage/8463/13525/KLDC_Low_Interest_-_Economic_Injury_Loan_Program.pdf