POUGHKEEPSIE – In response to the serious financial impacts resulting from the COVID-19 pandemic, Central Hudson Gas & Electric Corp. has launched its Back to Business funding program, committing up to $1 million in economic development support to provide local small businesses with grants to help pay down new working capital loans taken with participating local banks.
The program is intended to assist small businesses in continuing their operations or reopening as the economy is restarted.
“As necessary precautions are taken during this pandemic, many local small businesses are struggling or have temporarily closed,” said Central Hudson President Charles Freni. “These businesses will require funding in order to continue or resume operations and hire back workers as the economy reopens, and Central Hudson wants to help.”
Working with local banks, Central Hudson has committed economic development funds to reduce the cost of borrowing. Qualified small businesses seeking new working capital loans from participating banks will have the grants applied directly to the loan by the bank to reduce the amount that is repaid.
To qualify, the business must have up to 20 employees, be a Central Hudson account in good standing, and currently operating or planning to reopen when the state of emergency is lifted. The grant is available for new loans only, and loan decisions will be made at the discretion of the bank. Central Hudson funding will be provided on a first-come, first-serve basis.
Participating banks for Central Hudson’s Back to Business funding program are:
- Rhinebeck Bank
- Ulster Savings Bank
- Walden Savings Bank
- Wallkill Valley Federal Savings and Loan
- Bank of Greene County
- Bank of Millbrook
- Sawyer Savings Bank
- Rondout Savings Bank
- Orange Bank and Trust