The Lake George Regional Planning Board is helping the region’s small businesses by offering working capital micro-loans for enterprises within Clinton, Essex, Hamilton, Warren, and Washington Counties.
The loans will be available for businesses that have been adversely affected by the COVID-19 outbreak. The funds are not to be used to pay off existing debt, refinancing other loans, acquire a position in business, purchase of equipment, investments, expansion, or personal expenses.
Lake Champlain and Lake George Regional Planning Board controls their regionally based Revolving Loan Fund program (RLF). This program provides financing throughout the area in order to support small business growth. The RLF program provides low-cost, short-term financing to businesses that are unable to obtain regular financing from the bank, officials said.
More than $13 million in loans have been distributed to start-ups and business expansions in the five-county region.
Officials said all types of ventures can receive assistance, but the program targets small to medium businesses locally owned and operated. However, special consideration is given to businesses the provide full-time, year-round employment, as the creation of jobs and the ability to consistently supply them to its citizens are both important.
Applicants of the loans are asked to demonstrate how their project satisfies the economic needs of their region. Then, the projects are evaluated based on the community’s economic need, its readiness to execute, and the impact it will have on the community.
The applications are on a first-come, first-serve basis for evaluation and can be emailed, mailed or hand-delivered to: Lake Champlain – Lake George Regional Planning Board, 1 Lower Amherst St., PO Box 765, Lake George, NY 12845.