Ulster County Economic Development Alliance prepares to offer loans to small businesses

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KINGSTON – As the COVID-19 pandemic continues with non-essential businesses closed, the Ulster County Economic Development Alliance is working on a plan to provide loans to small businesses to help them recover.

Alliance board members, Tuesday, discussed allocating half of its $600,000 revolving loan fund to help Main Street businesses of up to 10 employees.

County Economic Development Director Lisa Berger has talked to many business owners about their needs.

“Whether that is a brush-up on business-101 or a mentor who has been successful in their field, or it is a combination of some business management skills and some mentorship to pull them through, I think that we have to do something in that vein to support these guys as we seek to have our small businesses recover,” she said.

The next procedural step is for the alliance to develop a pre-approval process, which may require a modification of its bylaws.




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