POTSDAM -- Potsdam Village Mayor Reinhold J. Tischler has announced that the village is offering the COVID-19 Working Capital Loan Program to business owners.

The goal of the program is to provide village business owners with access to small bridge loans that may be needed while waiting for more substantial programs available through the federal CARES Act.

The new program is designed to assist businesses located within the village limits and current revolving loan fund borrowers located in the Town of Potsdam.

The new loan program will be administered by the Adirondack Economic Development Corporation (AEDC).

The COVID-19 Working Capital Loan Program may provide qualified borrowers with a 6-month working capital loan for up to $3,200 at 1 percent interest.

The loan term may be extended for additional time on a case-by-case basis.

This program may be used in conjunction with the AEDC’s recently launched Emergency Disaster Loan Program.

Interested applicants may request a loan application from the AEDC by contacting Small Business Development Specialist, Steven Garneau at sgarneau@aedconline.com.

For more information on the Village of Potsdam’s COVID-19 Working Capital Loan contact Planning and Development Director, Fred Hanss at fhanss@vi,potsdam.ny.us.

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