CROWN POINT — Gov. David A. Paterson announced Thursday that a $2.9 million economic-assistance program will help businesses affected by the sudden closure last month of the Champlain Bridge.
He said the program will address the region's full range of economic industries by awarding grants to small businesses, making low-interest loans to assist small firms in paying employees and keeping open and helping farms and manufacturers offset increased travel costs.
Paterson said in a news release that the closure has presented big challenges to small businesses, farms and manufacturers.
"It is critical that as we work to develop transportation alternatives and build a new bridge, we provide the affected communities with the resources they need to keep people working.
"This program will allow business to continue, keep people employed and pave the way for a strong economic future in the region."
3-PART PROGRAM
The Lake Champlain Bridge Economic Assistance Program will be administered by the Empire State Development Corp.
The new program has three parts: $1.3 million for retail assistance grants. Small cash grants up to $10,000 will be made to retail and service firms that have suffered revenue losses of at least 20 percent during the fourth quarter of 2009 when compared to the same period last year.
$1 million for targeted assistance for increased travel costs. Agricultural and manufacturing firms will receive assistance to reduce added business costs due to the distance that detours add to their routes. Initial loans for working capital and capital investment can be converted to grants upon retention of employment.
$635,000 community revolving-loan fund. Using a local lender, loans will be made to help cash-strapped firms maintain payroll, order inventory and pay for operational expenses.
Information about qualifying for the program is available from Empire State Development at 1-800-STATE-NY (1-800-782-8369) or by e-mail at champlainbridge@empire.state.ny.us.
HELP PROMISED
Empire State Development Chairman Dennis Mullen was in the area earlier this week, talking with business owners, and formulated the new program after speaking with the governor.
"This program will undoubtedly provide the lifeline these industries need, helping to offset increased travel costs and the loss of daily revenue and tax dollars to the area," Mullen said in the release.
Mullen met with business operators at Frenchman's Restaurant in Crown Point. Ticonderoga Area Chamber of Commerce Executive Director Barbara Brassard was at the meeting and said Mullen promised to do all he could.
"Small businesses will find this very welcome news," she said. "This assistance is necessary to keep area businesses on their feet as we continue to tackle this crisis. The chamber is working with the governor and our elected officials to help the businesses impacted by the bridge closure."
Ticonderoga Town Supervisor Robert C. Dedrick said the aid package could be the difference, for many, between staying in business or folding.
"What the governor has shown with this package is that he has listened to the fears and turmoil that many of the businesses have gone through because of the closure of the bridge, and he has reacted to those concerns and given them hope. This will help get them through an extremely difficult time in their lives."
E-mail Lohr McKinstry at: lmckinstry@pressrepublican.com
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Program will aid businesses and farms affected by bridge closure
<img src="/homepage/images_image_276103054" alt="•"> Businesses hurt by closure may qualify for state aid totaling $2.9 million
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