Dutchess County Economic Development Agencies Create COVID-19 Business Assistance Programs to Support Small Businesses
In effort to aid businesses unable to secure assistance, The Dutchess County Industrial Development Agency and The Dutchess County Local Development Corporation approved programs to increase financing opportunities for Dutchess County small business.
FOR IMMEDIATE RELEASE
MAY, 13, 2020
POUGHKEEPSIE, N.Y —
To support and encourage local businesses in the production, supplies and distribution of personal protective equipment (PPE) and other COVID-19 recovery products to address increased demand, the Dutchess County Industrial Development Agency (DCIDA) met to approve a special Sales and Use Tax Relief Program. The fast tracked, no-fee package helps local manufacturers expand capacity and produce much needed personal protection equipment.
“Time is of the essence,” said Chairman of the DCIDA Board, Tim Dean on Wednesday. “It’s important to get this funding to the business community quickly to help our businesses in any and every way possible. This combination of relief and the expedited handling of the application helps us to support our businesses and the community as a whole.”
The program is open to all businesses in the Dutchess County that are currently engaged in or are beginning to manufacture, supply and/or distribute products for the treatment or prevention of COVID-19. Up to $100,000 in sales tax support will be granted to manufacturers, suppliers and distributors of these products.
These products may be used by health care and medical providers, first responders, home health aides, COVID-19 patients, and for residents’ personal use. PPE may include medical and hospital equipment, disinfectants, sterilizers and sanitizer equipment, products and chemicals, as well as, medicine, pharmaceutical products and over the counter drugs to be used in the treatment and prevention of COVID-19.
“As a result of the COVID-19 crisis, the demand for Personal Protective Equipment and related healthcare equipment and sanitizing supplies has dramatically increased and is expected to remain in high demand,” said Think Dutchess CEO, Sarah Lee. “As the state will require hospitals and healthcare centers to have a sufficient supply of equipment and PPE supplies on hand in case of a second wave of COVID-19, the program allows local businesses to expand operations, support supply chains and drive the regional economy.”
More information will be shared via Think Dutchess Alliance for Business social media channels and at https://thinkdutchess.com/covid-19-business-resource-page/. For additional questions please contact: Think Dutchess CEO, Sarah Lee, at email@example.com.
Additionally, on Wednesday, May 13, 2020, the Dutchess County Local Development Corporation (DCLDC) Board of Directors also approved a proposal to create a Small Business Express Loan Program.
“Businesses, especially small businesses, have been hit hard. It needs to be acknowledged that from every corner of the county, the business community has done everything possible to protect public health, even if it has meant they making among the greatest sacrifices,” shared Think Dutchess CEO, Sarah Lee. “We are proud to offer Dutchess-based businesses that have suffered economic setbacks due to the current COVID-19 crisis have a new source of financial assistance. The program will provide a financial bridge to help businesses through these turbulent times.”
The small business express loan offers local businesses access to capital in a nimble and quick manner due to the economic challenges from COVID-19. The program will offer 0% interest loans up to $10,000 with a 36-month repayment term. More details on the program will be released soon. In the meantime, please contact, Think Dutchess CEO, Sarah Lee, for more information at firstname.lastname@example.org.
About the Dutchess County Industrial Development Agency
Industrial Development Agencies (“IDAs” are formed under Article 18-A of New York State General Municipal Law, as public benefit corporations. IDAs were created to actively promote, encourage, attract and develop job and recreational opportunities and economically-sound commerce and industry in cities, towns, villages and counties throughout New York State (the “State”). IDAs are empowered to provide financial assistance to private entities through tax incentives in order to promote the economic welfare, prosperity and recreational opportunities for residents of a municipality (“Benefited Municipality”). The Dutchess County Industrial Development Agency [DCIDA] was created to further economic development in Dutchess County by providing financial assistance to private entities through tax incentives including the issuance of bonds to facilitate the building of capital projects with the resultant construction jobs and permanent follow on employment. For more information about the DCIDA visit: https://thinkdutchess.com/ida/
About the Dutchess County Local Development Corporation
The Dutchess County Local Development Corporation (DCLDC) is a Not-For-Profit Corporation created by the Dutchess County government under the New York Not-For-Profit Corporation Law 2010 to promote economic development and job creation in Dutchess County. The DCLDC induces companies to invest capital in projects that create jobs and increase the county’s tax base, thereby improving the quality of life for Dutchess County residents. Its mission is to reduce underemployment and increase employment; provide assistance and financial incentives for the formation, retention, expansion, and attraction of not for profit and for profit business to improve the economic vitality of the County. For more information about the DCLDC visit: https://thinkdutchess.com/ldc/
About Think Dutchess Alliance for Business
Think Dutchess Alliance for Business, formerly Dutchess County Economic Development Corporation, is the one-stop shop for business development needs and activities in Dutchess County, New York. A business-led, nationally recognized economic development corporation, Think Dutchess’ mission is to attract, retain, and expand for-profit and not-for-profit businesses in Dutchess County. Think Dutchess’ organizational structure includes programs in business retention, expansion and attraction; financial counseling and deal structuring; zoning and permitting; commercial real estate; innovation and technology; strategic marketing and municipal advocacy. For more information about Think Dutchess Alliance for Business, visit www.thinkdutchess.com