Coronavirus business loan rates lowered in five counties

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LAKE GEORGE, N.Y. (NEWS10) – A regional planning board has lowered the interest rates for its “COVID-19 Business Interruption Micro-Loan Program”. Small businesses in Clinton, Essex, Hamilton, Warren and Washington counties can now apply for a loan of up to $25,000 at an interest rate of 1.9% for 60 months.

The Lake Champlain-Lake George Regional Planning Board dropped the rates to help businesses cope with the challenges posed by the coronavirus pandemic as winter approaches.

“The LCLGRPB has loan funding available to small businesses to assist with working
capital needs as we move into the winter months in the region.

We understand the challenges of our seasonal and non-seasonal businesses, and are ready to assist in any way that we can.”

Beth Gilles
Director of Lake Champlain-Lake George Regional Planning Board

The loans don’t require an application fee and can be used to cover payroll, rent,
utilities, monthly expenses and other working capital needs.

However, the money can’t be used to pay off existing debt, refinance other loans, acquire a position in a business, purchase equipment, invest, expand a business, or for personal expenses.

If you are interested in obtaining one of these loans, or need more information, please
email Andrea Palmer, Economic Development Coordinator or call 518-668-5773. Additional information is available on the planning board’s website.

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