City of Islip Launches COVID-19 Disaster Loan/Grant Program | Local news on the COVID-19 coronavirus







CITY OF ISLIP, NY (OnSachem.com / OnTownMedia.com) – The City of Islip Industrial Development Agency this week announced assistance to eligible businesses impacted by New York State’s declaration of a COVID-19 emergency disaster.

Within Sachem, the town of Islip includes Holbrook south of the LIRR tracks and a small part of Holtsville.

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The loan/grant program will adhere to the NYS Emergency Disaster Loan Program signed into law by the Governor on June 19. The Agency plans to make a total of $250,000 available to companies for the loan/grant program.

“This agency grant and loan program is intended to reach small businesses that have been hardest hit by the COVID-19 public health emergency. We are targeting businesses that had to close due to the pandemic and remained closed through Phase 1 and beyond. Small businesses are the backbone of our main streets and our city, and are the product of lifelong dreams, determination and tenacity. The Town of Islip is committed to doing its part to help our businesses succeed in the wake of this pandemic,” said Town of Islip Supervisor Angie Carpenter.

The maximum amount of the loan program is $25,000 with an interest rate of 0%.

Companies must:

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  • Be located in the town of Islip.

  • Have at most fifty (50) and at least three (3) employees.

  • Commit to job retention.

  • Demonstrate that the use of loan proceeds will have a positive impact on the community.

  • Be operational for at least two years and financially viable before the declaration of emergency disaster (no startups).

  • Demonstrate a financial need caused by the declaration of the disaster emergency.

  • Demonstrate the ability to repay the loan within the prescribed period of 12 months required by law.

  • Provide personal guarantees from all owners.

Priority will be given to companies that:

  • Have not been defined as an essential business and therefore have been closed during the period of March 7, 2020 to May 27, 2020 or beyond.

  • Are located in Distressed Communities (as defined in Section 18-A of the GMLs).

  • Minority and Women Owned Businesses (MWOB) are certified.

  • Are a veteran-owned business.

  • Will use loan proceeds for a capital project.

  • Will provide matching funds.

Priority will be given to companies that:

  • Have not been defined as an essential business and therefore have been closed during the period of March 7, 2020 to May 29, 2020 or beyond.

  • Are located in Distressed Communities (as defined in Section 18-A of the GMLs).

  • Minority and Women Owned Businesses (MWOB) are certified.

  • Veteran-owned businesses.

“We encourage small businesses that really need this financial assistance to visit our website, www.islipida.com, and apply to the agency,” said William Mannix, executive director of the City of Islip Industrial Development Agency.

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