Islip Town’s Industrial Development Agency announced this week it will offer grant and loan assistance to businesses hit hard financially by COVID-19.
Applicants must demonstrate a financial need caused by the COVID-19 Emergency Disaster declared by New York Gov. Andrew Cuomo. A total of $250,000 available to Islip businesses under the new assistance program.
“This grant and loan program from the agency is intended to reach those small businesses that have been hardest hit by the COVID-19 public health emergency,” Islip Supervisor Angie Carpenter said. “We’re targeting those businesses that had to close due to the pandemic, and that remained closed through Phase 1 and beyond.”
Carpenter explained that small businesses are the backbone of the town’s Main Streets and are the products “of lifelong dreams, resolve and tenacity.”
“The Town of Islip is committed to doing its part to help our businesses succeed in the aftermath of this pandemic,” she said.
Here’s what you need to know before applying:
Maximum loan amount: $25,000 with a 0% interest rate.
Location: Businesses must located in the Town of Islip.
Eligible business size: Applying small businesses can emoploy no more than 50 workers and no less than three.
Business age: Applying businesses must have been operational for at least two years.
Applicants also must make a commitment to job retention and demonstrate that the use of the loan proceeds will positively impact the community. They also must demonstrate the ability to repay the loan within 12 months.
Priority will be given to businesses that …
- Were not defined as an essential business and were closed during the period of March 7 to May 27 or beyond.
- Are located in distressed communities (as defined in Article 18-A of GML).
- Are certified Minority or Women Owned Businesses (MWOB).
- Are a Veteran Owned Business.
- Will use the proceeds of the loan in conjunction with a capital project.
- Will provide matching funds.
“We encourage those small businesses that truly need this financial assistance to visit our website, www.islipida.com and make an application to the agency,” said William Mannix, executive director of the Industrial Development Agency.