(Madison County, NY- July 15, 2013) Madison County will utilize its revolving loan program to assist businesses in the county that sustained water damage from the recent flooding in the county.
The normal requirements and terms of the County’s Revolving Loan program will be temporarily modified to allow businesses to apply for low interest loans to replace machinery or equipment, not covered by insurance.
According to Kipp Hicks, Executive Director of Madison County’s IDA, the special program will run until Sept. 30 to give businesses sufficient time to assess damages and to apply for funding. The loan terms can be up to five years and will carry a fixed interest rate of prime minus 1 percent. Currently, the prime lending rate is 3.25 percent.
John Reinhardt, County Supervisor representing wards 1-3 in the City of Oneida said “The County’s small business revolving loan fund will be made available to help those businesses that are facing unforeseen hardships, and to keep their employees working. This represents much needed assistance at the right time, for the right reason.”
John Becker, Chairman of the Board of Supervisors added, “We would like to use every available economic development tool to assist in the recovery of our businesses from the recent devastating floods.”
Businesses that want to obtain more information on the program can call Mike Magnusson at the Madison County Center for Economic Development at 697-9817.