CNY RPDB to establish revolving-loan fund for small businesses hurt by pandemic

SYRACUSE, N.Y. — The Central New York Regional Planning and Development Board (CNY RPDB) will use $1.2 million in federal funding to create and administer a revolving-loan fund to help area small businesses and entrepreneurs “adversely impacted” by the COVID-19 pandemic.

The U.S. Department of Commerce’s Economic Development Administration (EDA) awarded the funding, the office of U.S. Representative John Katko (R–Camillus) said in a Wednesday news release.

“On behalf of the Central New York Regional Planning and Development Board, I am very pleased to receive this support from the federal Department of Commerce – Economic Development Administration,” David Bottar, executive director of the Central New York Regional Planning and Development Board, said. “This funding will be utilized by the agency to capitalize a regional small-business loan fund that is designed to help companies in Central New York maintain their existing business operations and pursue new business development opportunities during these challenging economic times caused by [the] COVID-19 pandemic.”

The funds are available through EDA’s CARES Act Recovery Assistance Program. This program, administered using funds provided under the CARES Act, provides financial assistance to organizations that help communities “respond to, and recover from, the harmful impacts of the COVID-19 pandemic,” per Katko’s release.

“In recent weeks, I’ve met with employees and owners who have worked to slowly and safely reopen small businesses in Central New York. From our conversations, I’ve been inspired by their resiliency and continued commitment to our community, despite the unprecedented challenges they’ve faced during the ongoing pandemic,” Katko said. “With these funds, the board will administer a revolving loan fund and provide critical assistance to local small businesses that are struggling as a result of the pandemic.”

About CNY RPDB

The Central New York Regional Planning and Development Board is a public agency that was established in 1966 by Cayuga, Cortland, Madison, Onondaga, and Oswego counties. It’s governed by a 35-member board of directors that is appointed by its five member counties. Financial support for the agency is provided by member county contributions, state and federal grants, and contract service revenue.

The CNY RPDB provides services associated with the growth and development of communities in Central New York with a focus on eight major program areas including economic development, environmental management, community development, energy management, land use and transportation planning, information and research services, and intergovernmental coordination.