KINGSTON – The Kingston Local Development Corporation, Monday, announced the creation of the Economic Injury Microloan Program to assist the City of Kingston businesses affected by the current economic crisis.
The KLDC designed the microloan program to assist small local businesses by offering low-interest loans up to $7,500. Similar to the loans offered by the SBA, this micro-loan will be offered on a first-come, first-served basis, as funds are limited. KLDC staff, finance committee, and full board of directors will review each application simultaneously to expedite loan approvals. All decisions are at the sole discretion of the board.
“We recognize that this is an extremely difficult time for all businesses, but especially to small local businesses who have had to close or drastically reduce operations,” said Mayor Steven Noble. “We hope that these loans will help our beloved local businesses stay afloat so that they can thrive when the pandemic is behind us.”
No payment will be due for the first six months and the accrued principal and interest will be amortized over the remaining life of the loan. The interest rate for the Economic Injury Microloan Program is set at one-percent for a term not to exceed six years. There will be no application or processing fees.
Businesses must be located within the City of Kingston and the applicant must reside in Ulster County, must be able to show economic distress from the pandemic and explain how the loan will be used. For more guidelines, visit: https://www.kingston-ny.gov/kldc
Link to application: https://kingston-ny.gov/filestorage/8463/13525/KLDC_Low_Interest_-_Economic_Injury_Loan_Program.pdf
