Loans aim to benefit firms run by women, minorities
Businesses and nonprofits owned by women and minorities are now eligible to apply for $2 million in funding under the Ulster Equity Loan Program, which is aimed at easing the impact of COVID-19, County Executive Pat Ryan said Tuesday.
During a Facebook Live event, Ryan said those businesses, along with businesses in “lowand moderate-income areas,” are now eligible-Program for loans.
Applicants must have fewer than 20 employees and no more than $3 million in gross annual revenues, according to a press release from Ryan’s office. Other businesses will be eligible after minority- and women-owned businesses and those in qualifying areas are given priority, the release stated.
Applicants may use the loan money to buy personal protective equipment, pay rent and buy supplies and materials, Ryan said.
He said the program was made
possible by a $100,000 investment by the Ulster County Economic Development Alliance in partnership with the National Development Council. Businesses do not have to be certified by New York state to qualify and may be “selfidentifying,” the executive’s offices said.
“Women-owned businesses, minority-owned businesses and businesses that are operating in lowto moderate-income areas in our community often struggle to access resources even during the best of times,” Ryan said in a prepared statement. “Especially now, as many of our businesses are facing challenges amidst the pandemic, it is critical we support them.”
To apply, businesses should go to the website bit.ly/ny-loanfund.
Businesses may apply for loans of up to $100,000, and there are no application or loan fees, according to county officials. Loans will be repayable over a five-year term with interest-only payments for the first year. The interest rate will be 2 percent for nonprofits and 3 percent for small businesses.
For additional information, businesses may contact the Ulster County Recovery Service Center at (845) 443-8888 or the Ulster County Office of Economic Development at (845) 340-3556.
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In other coronavirus-related news, Ryan said the county “continues to be in good shape after a little bit of a resurgence” in cases over the Fourth of July weekend.
He cautioned, though, that “it is absolutely possible we will see [another] resurgence. Almost every scientific model says we will.”
Ryan urged residents to “keep the roller coaster as uneventful as possible” by wearing face masks, adhering to social-distancing recommendations and practicing hand hygiene.
The executive said the county’s Rapid Response Team successfully “contained and isolated” small clusters found in early July by utilizing contact tracing, isolation, communication and enforcement.
He also said investigators are working to contain a potential outbreak stemming from a case of the virus linked to an employee at the Mother Earth’s Storehouse, a food retailer in the town of Ulster. Contact tracing has yet to be completed in that case, but “it seems that was relatively contained,” Ryan said.
He said no additional cases linked to Mother Earth’s have been found.
By the numbers
Ulster County reported Tuesday that, as of Monday, there had been a total of 1,888 confirmed cases of COVID-19 in the county since the outbreak began in March but only 113 cases that are currently active.
There have been 88 deaths in the county from the virus.
Ryan said there was only one COVID-19 patient in an Ulster County hospital on Tuesday.
Ryan said there were 1,501 COVID-19 tests performed in the county over the prior 72 hours and 16 positive results, a “relatively comfortable” infection rate of 1.06 percent.
For local coverage related to the coronavirus, go to bit.ly/DFCOVID19.