Town Launches New Program To Help Businesses Hit Hard By COVID-19

TOWN OF ISLIP, NY — The Town of Islip Industrial Development Agency announced on Thursday a new program to offer grant or loan assistance for local businesses who were hit hard due to coronavirus pandemic.

Businesses within the town who have demonstrated a financial need arising from the COVID-19 Emergency Disaster declared by Gov. Andrew Cuomo will be eligible to receive the loan or grant. The program will adhere to the NYS Emergency Disaster Loan Program signed into law by the governor on June 19. A total of $250,000 with a 0 percent interest rate is expected to be available for Town of Islip businesses under the program.

"This grant and loan program from the agency is intended to reach those small businesses that have been hardest hit by the COVID-19 public health emergency," Islip Supervisor Angie Carpenter said. "We’re targeting those businesses that had to close due to the pandemic, and that remained closed through Phase 1 and beyond. Small businesses are the backbone of our Main Streets and our Town, and are the product of lifelong dreams, resolve and tenacity. The Town of Islip is committed to doing its part to help our businesses succeed in the aftermath of this pandemic."

According to town officials, in order to apply for the program, businesses must meet the following requirements:

• Be located in the Town of Islip.
• Have no more than 50 and no less than three employees.
• Make a commitment to job retention.
• Demonstrate that the use of the loan proceeds will positively impact the community.
• Have been operational for at least two years, and financially viable prior to the declaration of the emergency disaster (no startups).
• Demonstrate a financial need caused by the declaration of the emergency disaster.
• Demonstrate the ability for loan repayment within the prescribed 12-month period required by law.
• Provide personal guarantees of all owners.

Priority will be given to businesses that were considered an essential business and therefore were closed between March 7, 2020 and May 27, 2020 or beyond. Businesses that are located in distressed communities (as defined in Article 18-A of GML) or are certified as a minority or women owned business (MWOB) or a veteran owned business, will be prioritized for the grant or loan. In addition, businesses who plan to use the proceeds of the loan in conjunction with a capital project or will provide matching funds will also be prioritized for the grant or loan. The Grant Program maximum dollar amount is $10,000 with no repayment required.

"We encourage those small businesses that truly need this financial assistance to visit our website, www.islipida.com and make an application to the agency," William Mannix, Executive Director, Town of Islip Industrial Development Agency said.