December 2, 2021

2% loans offered to small businesses

$10K to $25K now available through Cortland County BDC

Cortland County Seal

While the full economic impact of the COVID-19 crisis is unknown, it’s safe to say many small business owners are in for some tough times ahead.

Tuesday, the Cortland County Business Development Corp. offered a helping hand: low-interest loans of $10,000 to $25,000 to small businesses, said Garry VanGorder, BDC president.

The interest rate for the loans is fixed at 2%, and fees, legal costs and equity requirements are waived, according to the BDC web site; payment on the loan is deferred for one year.

The loans are intended to supplement other forms of assistance, not replace them, VanGorder said.

“We are working every day to provide information to our businesses that can help them through this, and this one more thing that we can do,” he said. “Our traditional loan program has been a great resource over the years, and we are hopeful that this modification of it will be valuable in these difficult times, as well. The challenges to our small businesses are unprecedented.”

“I think that it will absolutely be useful to small business owners in our community,” said Michelle Brooks, co-owner of Coffee Mania. “I think it’s wonderful that the BDC has come up with a plan to help small businesses.”

Brooks, a former BDC board member, said Coffee Mania, while suffering setbacks like other businesses because of the unprecedented changes in business operations, is still doing OK financially, although it has stopped serving coffee from its Groton Avenue and Port Watson Street locations, and has instead been offering gallon jugs of cold beverages for pickup a few times a week from the Groton Avenue kiosk. But if the company’s financial health were to change, she said she’d certainly consider applying for one.

“Small business is the backbone of our economy and no place is that concept more important than right here in Cortland County,” said Cortland County Legislature Chairman Paul Heider in a statement.

“The Cortland County Legislature stands with the BDC and supports these steps in order to make sure our small businesses are ready to rebound as soon as the all clear sign is given.”


Need a business loan?

  • For more information on obtaining a low-interest loan through the Cortland County Business Development Corporation, go to https://tinyurl.com/vs5olf2.
  • For an application, go to https://tinyurl.com/s2yjj7z.
  • For small business-related information regarding the recently-passed federal Coronavirus Aid, Relief, and Economic Security Act, go to https://tinyurl.com/v3yowmd.
  • For information on Economic Injury Disaster Loans from the U.S. Small Business Administration, go to https://tinyurl.com/ybe9dsgc.
  • For information on COVID-19 and business-related issues, go to
    https://esd.ny.gov/.