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Syracuse offering interest-free loans to small businesses affected by coronavirus

Tom Magnarelli
Syracuse Mayor Ben Walsh speaks at a press conference in Syracuse Wednesday

As the number of cases of the coronavirus continues to grow across the state and region, businesses in central New York that are suffering because of the outbreak will be able to get some help. Syracuse Mayor Ben Walsh said Thursday the Syracuse Economic Development Corporation will begin offering loans that are interest free for six months, to businesses with less than 50 employees.

"The purpose of the loan fund is to prevent staff reductions, allow business operations to continue, to offset losses related to the coronavirus, COVID-19, and to help companies sponsor pay for sick workers," Walsh said.

There is $500,000 available for businesses, with the maximum loan capped at $25,000.

"SEDCO allocated $500,000 to provide zero-interest 180 day loans to small businesses, less than 50 employees, with a maximum of $25,000 loans. We expect the typical size to be closer to 10,000," Walsh said.

If a business doesn’t fit the parameters of this particular loan, Walsh said the city will help locate other state or federal programs that can offer a hand to small businesses.

Ellen produces news reports and features related to events that occur in the greater Syracuse area and throughout Onondaga County. Her reports are heard regularly in regional updates in Morning Edition and All Things Considered.