Rapid Recovery Loans

Warren County Rapid Recovery Loan Open for Small Businesses

Warren County Local Development (WC LDC) loan program to support Warren County Small businesses impacted by the coronavirus pandemic.

2021 Board of Directors

Peter McDevitt - Chair, City of Glens Falls Ward 2 County Supervisor

Jack Diamond - Vice Chair - City of Glens Falls Ward 1 Supervisor

Brad Magowan - Secretary - Town of Queensbury Supervisor

Craig Leggett - Treasurer - Town of Chester Supervisor

Eugene Merlino – Assistant Treasurer -Town of Lake Luzerne Supervisor

Michael Wild - Director - Town of Queensbury Supervisor

Travis Whitehead - Director

Rachel Seeber - Chair Warren County Board of Supervisors

Ryan Moore County Administrator

Rapid Recovery Program Guidelines

Warren County Rapid Recovery Loan OPEN FOR SMALL BUSINESSES

Warren County Local Development (WC LDC) has developed a loan program to support Warren County small businesses impacted by the coronavirus pandemic.

Program loan funds may be used for

Working capital, payroll, pay roll, rent, utilities, mortgage and monthly expenses.

Program Loan funds may not be used for

Pay off existing debt, refinance other loans, and acquire a position in a business, Purchase of real property, personal equipment, investments, Expansion of a business or personal expenses

Eligibility

Any Sole proprietors, independent contractors, self-employed persons, LLC, corporation operating within Warren County impacted by this pandemic and who has not received Payroll Protection Plan (PPP) or other loans

20 or less Full/Part Time employees

Details Warren County Local Development Corporation Rapid Recovery Loan

  • For-profit Warren County businesses with 20 or fewer full-time (or full-time equivalent) employees
  • Loans up to $ 15,000* (Board reserves the right under special conditions to undertake small variation to this amount)
  • 4% interest per annum
  • 12-48 months: No Prepayment Penalty
  • Loan payments (principal and Interest) will be deferred for first two months
  • Must be in business for at least 2 years
  • Personal guaranty of business owner(s)

Review Process

  • WC LDC will review requests as applications are received. Decisions will be made in an expedited manner following submission of a complete application; agreements must be executed with the borrower prior to disbursement of an approved loan.

Cost of applying for the program

  • There is no cost to apply

Closing costs

  • Closing costs shall not exceed $125.00

Applications for Rapid Recovery Loans

APPLICATION INSTRUCTIONS:

Complete the application including

  • Personal Financial Statement SBA Form 912
  • Brief narrative of business, description of impact of Coronavirus pandemic upon business, & proposed use of the funds
  • Articles of Incorporation, LLC or copy of DBA
  • Copy of 3 most recent business bank statements
  • 2017, 2018 (2019 if available) Business and Personal Tax Return (state/federal returns )
  • Interim Financial Statements in 2020
  • Listing of any judgments, federal/state tax liens and 2018 and 2019 NYS DOL Form 45(4th quarter only of each of these two years)

Please submit the completed application and all material to

Warren County Local Development Corporation

Email is the quickness way to submit

[email protected]

Phone: 518 761 6007

Fax:518 761 9053

Local Development Corporation