Local News

December 28, 2012

Federal funding available for small-business loans

PLATTSBURGH — The Lake Champlain/Lake George Regional Planning Board will receive $800,000 in federal funds to help small businesses still trying to recover from tropical storms Irene and Lee.

The U.S. Economic Development Agency funding specifically targets communities that suffered damage from last year’s Tropical Storms Irene and Lee.

It offers investment for the development of a long-term strategy to help more local businesses withstand setbacks like natural disasters, among other needs, according to a news release from U.S. Senators Charles Schumer and Kirsten Gillibrand of New York.

The funding for the loans will go toward helping North Country communities by assisting in the creation of new businesses, expanding existing enterprises and connecting them to new markets.

The funds will provide low-cost, short-term financing to flood-related, at-risk firms, assisting these companies in ongoing rebuilding and debt consolidation.

Assisting business will position the region to become more economically and physically resilient to disasters in the future, the release said.

“This is great for small businesses and startups, and it will help them in this difficult economic time more than traditional loans from banks,” said Clinton County Legislator Mark Dame (R-Area 8, City and Town of Plattsburgh), who serves on the Lake Champlain/Lake George Regional Planning Board.

“With the state of our economy and how conservative banks have been with loans, business growth and employment has been stymied in the North Country, and hopefully this will help.”

Dame said any business interested in obtaining a loan can contact him at 561-0454 or 563-9700.

“A lot of people in Warren County have taken advantage of these programs, and we would like to see more Clinton and Essex County people get involved,” Dame said.

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