BY RACHEL PHILLIPS
In an area dependent on seasonal tourism, many local business owners are left with questions about what the coming months will bring as the coronavirus pandemic continues. Saratoga Race Course, the allure of Lake George and many local conventions and events such as the Americade bring thousands of people to the area each year, and with them, business for shops, restaurants and services nearby.
Businesses around the country are suffering, some forced to close and others operating on a limited basis.
In an effort to assist small businesses during this time of economic uncertainty, EDC Warren County President Ed Bartholomew, as administrator for the Warren County Local Development Corp., announced that the agency has deferred loan payments for businesses that have existing loan with the agency, for the months of April, May and June. The three months will be added to the back end of their loans, thereby extending the terms by three months.
LDC committee members have indicated that additional programs to assist businesses within Warren County are being discussed.
Regarding business shutdowns, Bartholomew said the initial list of services and industries deemed essential needed clarification. Certain industries, such as those involved in laying sewer lines or those doing emergency repairs, were exempt from the shutdown. However, it wasn’t as clear if businesses who existed further down the supply chain, such as those who made the pipes, or sewer valves, would be allowed to continue to operate.
“We spent the first 10 days talking to New York state about the various inquiries we’ve received from large and small businesses who thought they should be deemed essential,” said Bartholomew. “During that period of time, the governor expanded or clarified the type of businesses that would be eligible.”
The EDC is also currently assisting the businesses who are eligible for Small Business Administration loans. SBA is offering various incentive programs to help certain businesses affected by the coronavirus. There have been many revisions and clarifications with regard to eligibility. The EDC has not only been helping educate business owners about SBA qualifications, but is also helping direct them toward banks and credit unions participating in the loan program.
In an effort to keep more manufacturers in business, Bartholomew said has also been working with businesses who are currently not manufacturing medical gear to see if they have the capacity to start making PPE, such as masks and medical gowns.
Working with banks, accountants and lawyers has been another facet of the EDC’s relief plan.
Bartholomew said due to the quarantine, many projects have been shut down or delayed. But there are still projects, such as low-income housing developments in Saratoga Springs and Glens Falls, still underway. But because they have to depend on teleconferences, even these projects are moving at a slower pace.
“The process is still moving, but not as quickly as it would be in person. It definitely is streaming in a positive direction, but at a much slower pace,” he said.
Bartholomew urged business owners to be introspective and use the situation as an opportunity to look toward future opportunities.
“While dwelling on this current situation, turn the page and figure out what you’re going to do when you get back in operation. Maybe some restaurants that in the past had not been doing takeout or delivery might want to do that. Maybe take a look at your menu or stock,” he said.
“I think that this is a challenging time for all businesses, and I think there is support and assistance out there,” he said. “For example, reach out to local business people who can lend some support or offer advice to what they’re doing. There’s an informal chain of people just throwing ideas back and forth amongst each other to see if there is anything they can do to support one another,” said Bartholomew.
“My final advice would be: Sometimes the strength of independent business men and women is their willingness to go through crises like this, but sometimes they’re reluctant to share their plight. This is a time when there are many resources out there to be helpful. They shouldn’t be embarrassed to reach out and talk to others to get help.”
For more information on relief for businesses affected by COVID-19, visit the EDC website, edcwc.org.