Watertown group okays emergency business loan program, donations to food pantries

WWNY Watertown group okays emergency business loan program, donations to food pantries

WATERTOWN, N.Y. (WWNY) - In response to the COVID-19 crisis, the Board of Directors of the Watertown Local Development Corporation has approved an emergency loan program for businesses and $6,000 in donations to food pantries in the city.

Under the Emergency Working Capital Loan Program, businesses in the city of Watertown can apply to borrow up to $10,000 for emergency working capital needs.

Applicants, if approved, will receive expedited processing and fund disbursement. City businesses in need of financial help are encouraged to contact the WLDC.

Key details of the program include, but are not limited, to:

- $10,000 maximum loan amount

- 3% fixed interest rate

- No payment for 3 months, then 9 months of interest only

- After the first 12 months, the loan will be amortized over 5 years

- Loan are intended for small privately-owned, for-profit businesses

- Personal guarantees/corporate guarantees are required

- A statement of need, outlining what the funds will be used for will be required

- Loans will be unsecured and fees waived

Required documentation:

- Current personal financial statement available at watertownldc.com

- Signed credit authorization form also available at watertownldc.com

- Statement of need

Forms and statement of need should be emailed to don@watertownldc.com

Each application will be reviewed and approved based on underwriting criteria established by the agency.

In addition to the Emergency Working Capital Loan Program, the WLDC board approved the donation of $6,000 to the following food pantries in the city:

- Community Action Planning Council: $2,000

- Salvation Army: $2,000

- Watertown Urban Mission: $2,000

For question or additional information, contact Don Rutherford, CEO, Watertown Local Development Corporation, by phone at 315-786-3494 or 315-771-9600, or by emailing him at don@watertownldc.com.

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