DCC Executive Director and Commerce Chenango President & CEO, Kerri Green discusses a new funding source for small businesses in Chenango County. (Photo from Commerce Chenango)

CHENANGO COUNTY – Development Chenango Corporation (DCC) announced a new loan opportunity for Chenango County businesses needing financial help amid the COVID-19 pandemic.

The DCC has allocated $250,000, with a maximum amount of $25,000 per project, for businesses who need financial assistance in reopening their business, hiring back employees, replenishing inventory, or for working capital.

Funds may only be used for equipment or rebuilding if the need is a result of a COVID-19 loss or injury. They cannot be used for additions or capital improvements, unless there is a specific need related to the new COVID-19 operating guidelines, such as the installation of plexiglass barriers or sanitation equipment.

The terms of the loan include six months, no payment, no interest accruing to allow businesses time to earn back profit that was lost due to the pandemic. At the end of six months either a balloon payment is due for the full amount, or it turns into a loan.

To apply a business must be located in Chenango County, have proof of financial need, and provide a personal guarantee. DCC Executive Director and Commerce Chenango President & CEO, Kerri Green said, "Before applying it would be good idea to know your business’ profit loss for last year and what expenses they had due to COVID. The biggest part will be their statement of need. From their own words we want to understand their struggle and figure out how the loan can help them."