IDA OKs $2.6M In CARES Funding To 16 County Firms, Groups
Sixteen businesses and organizations have been approved for $2.6 million in funding by the Chautauqua County Industrial Development Agency through through the Coronavirus Aid, Relief, and Economic Security — CARES — Act.
The entities approved for Round 2 funding include: The Service Manufacturing Group, Inc.; Monofrax, LLC; Dahlstrom Roll Form; the National Comedy Center; Southern Tier Environments for Living, Inc.; Kosciuszko Polish Home Association, Inc.; Reg Lenna Theater; Cheer Starz Sports Club; Cleaners of Chautauqua, Inc.; Falconer Power Sports, Inc. dba Harley Davidson of Jamestown; Lynn Development, Inc.; Ready About Sailing, Inc.; Rocky’s Karate; MKJM, LLC dba The Landmark; Scott’s Peek n’ Peak, LLC; Maple Springs Inn; and Lidos Crescent Inn, Inc.
Funds for this support comes from the U.S. Economic Development Administration, which announced on Sept. 9, that the county IDA had been selected as the recipient of a $10.5 million grant through the CARES Act. This enabled the agency to establish a new Revolving Loan Fund. The intent of the fund is to provide capital, in the form of low-interest loans, to both businesses and non-profit organizations as a means to respond to economic injury resulting from the COVID-19 pandemic.
Mark Geise, Deputy County Executive for Economic Development and the CCIDA’s Chief Executive Officer, said, “We are thrilled that, as of this date, we have been able to allocate more than 80% of the funding provided by the EDA in less than five months, and in the process help more than 40 businesses to not only endure, but create jobs. Our incredible team at the CCIDA has worked diligently to get this money out working in the community as quickly as possible, while ensuring that we are responsible, impartial, and address the EDA’s guidelines.”
At its October meeting, the CCIDA Board approved funding for 28 businesses and non-profit entities, totaling $5.7 Million as part of Round 1 funding. At the CCIDA’s meeting Tuesday another 16 loans were approved totaling just over $2.6 million, for a total allocation since the program was launched in October of approximately $8.3 Million. Approximately 110 new jobs are to be created as a result of the funding allocated to date. Pursuant to the guidelines of the program, loans have been approved in the following sectors: manufacturing/warehousing; not-for-profits; retail/commercial/agriculture; small business; and tourism/hospitality.
“It is impressive that the CCIDA has been able to deploy a vast majority of the funding awarded by the EDA so expeditiously, thereby helping businesses and their employees at this critical time,” said PJ Wendel, County Executive. “It is also very encouraging to see that they have distributed the funding among many sectors, to companies and not-profits large and small, and more than 110 jobs will be created in the process. As I’ve said all along, our comeback will be greater than our setback, and this funding is proof positive that we will not only recover, but we have another economic development tool to spur investment and job creation in this County for years to come as an outcome of the pandemic.”