POUGHKEEPSIE – Central Hudson Gas & Electric Corporation said small business owners who are continuing operations or planning to reopen that grants up to $10,000 are still available through the utility’s Back to Business Funding program.
“Central Hudson has committed up to $1 million to help local small businesses pay down new working capital loans taken with participating local banks,” said Anthony Campagiorni, vice president of Customer Services and Gas Operations. “To date, the program has assisted 78 small businesses with grants totaling nearly $454,000, enabling the retention of more than 543 jobs in our region. We encourage other small businesses to take advantage of this program.”
To qualify, the applicant must be a Central Hudson business customer with up to 20 employees. Eligible businesses must apply for and receive a working-capital loan from a designated banking partner and must be currently operational or planning to reopen once permitted to do so.
Central Hudson commercial customers receiving a working capital loan from a participating banking partner will be eligible for a grant of up to $10,000 from Central Hudson for up to 33 percent of the loan amount. The grant proceeds are provided to participating banks by Central Hudson, and the grant is applied to the loans by the banks.
“We were closed for seven weeks so the loan from Central Hudson, combined with Sawyer [Savings Bank] helped us quite a bit,” said Ed Montano, owner of Montano’s Shoes in Saugerties. “It allowed us to hire our employees back. We’re grateful to Central Hudson and Sawyer for helping small businesses in a time of need.”
The local participating banks for the Back to Business funding program are: