HUDSON – Columbia Economic Development Corporation (CEDC) has established a $300,000 Rapid Recovery Loan Program to support small businesses in Columbia County.
The new Rapid Recovery Loan Program offers low-interest loans of up to $15,000 to qualified applicants.
Businesses must be located in Columbia County, be in operation for at least 2 years, and have 25 or fewer full-time employees. Complete loan criteria is available online at: www.columbiaedc.com.
The interest rate for CEDC’s Rapid Recovery Loan Program is 3.75% for a 5-year term and there are no application or processing fees. Closing costs are equal to 1% of the loan amount. No payment will be due for the first 6 months.
“This has been the greatest challenge most Columbia County business owners have ever faced, as many have had to temporarily close for business,” said Matt Murell, chairman of the Columbia County Board of Supervisors in a press release. “The Rapid Recovery Loans through Columbia Economic Development Corporation will help with much-needed capital as business owners bring back employees, order inventory and prepare to reopen.”
CEDC Board Chairman David Fingar said, also in the release,“The interest rate on CEDC’s new Rapid Recovery Loan matches the SBA Economic Injury Loan rate of 3.75%. The five-year term keeps the monthly payments reasonable, and the six-month deferment helps with cash flow as our county businesses get back up and running.”
Application, loan guidelines and a PDF Application Preview for reference can be found online at: www.columbiaedc.com.
Contact with questions or for more information.