Monroe County and the City of Rochester expand small business programs

Mar 26, 2020

Both Monroe County and the City of Rochester have programs they’ve announced this week to help small businesses.

Monroe County Executive Adam Bello has announced the creation of an Emergency Small Business Assistance loan program to help businesses affected by the COVID-19 pandemic.

The program, which was approved Wednesday by the Monroe County Industrial Development Corporation, offers interest-free loans of up to $10,000 for working capital to qualifying businesses with 50 or fewer full-time workers.

Initial funding for the program is $500,000, but that amount may increase depending on demand and support from county agencies.

Details are available at www2.monroecounty.gov/economic2-index.php.

And in the City of Rochester, Mayor Lovely Warren announced this week that the Kiva crowdfunding program is expanding access to interest-free loans.

The changes include increasing the maximum loan amount to $15,000 from $10,000; waiving some financial requirements and allowing new borrowers a six-month grace period before having to begin repaying their loans.

Kiva provides crowdfunded business loans of $1,000 to $15,000 at zero percent interest and no fees.

Get more information at www.cityofrochester.gov/kiva.