GOSHEN – Businesses in Orange County that have been negatively impacted by the COVID-19 pandemic may apply for a loans from the Orange County Funding Corporation.
The organization is a sister group to the Orange County Industrial Development Agency.
The board of directors, Thursday, approved the funding for the initiative, said Chief Executive Officer Laurie Villasuso.
“It was determined that it would be $500,000 in total. Every business would be eligible to apply for up to $10,000 per loan,” she told the board members.
The concept was proposed by County Executive Steven Neuhaus.
The Funding Corporation will now draft criteria to determine if a business is eligible.
Most businesses have been ordered to shut down or conduct business remotely. Many have indicated they may not be financially able to resume once the crisis has been resolved and it is expected that these loans may assist the companies in getting back on their feet financially.