Impacted Business Revolving Loan Fund

*This Limited Program was Temporarily Offered to Downtown Businesses Impacted by the Margaret Street Reconstruction Project in 2023. The Program is Now Closed and is Not Accepting New Applications.*

About the Program

The City of Plattsburgh recognizes the importance of its downtown business community and the critical role that community plays in the local economy. This is one of the reasons that completion of the full-depth road reconstruction project currently underway on Margaret, Court, and Brinkerhoff streets was made a high priority. As with any road reconstruction project and despite the City’s best efforts, there exist  ongoing detrimental impacts to businesses directly adjacent to the construction zone.

The Impacted Business Revolving Loan Fund (IBRLF), a subprogram of the City’s recently revived Community Development Revolving Loan Fund (CDRLF), will offer loans of up to $30,000 to downtown businesses who were directly impacted by this summer’s Margaret Street Reconstruction project.

Click to Watch the Recorded IBRLF Workshop Held on October 3, 2023

Eligible Businesses:
 

Eligible businesses are those located in areas directly impacted by changes to  pedestrian or vehicular traffic flow necessitated by the construction work. Those areas are as follows:

• Margaret St. between Broad St. and Cornelia St.
• Brinkerhoff St. between Margaret St. and Oak St.
• Court St. between Margaret St. and Oak St.
• Clinton St. between Margaret St. and Oak St.
• Marion St. between Brinkerhoff St. and Court St.

Eligible Uses

IBRLF funds can be used towards:

• Working capital 
• Improvements to commercial real estate (including façade renovations)
• Machinery and Equipment 
• Furniture and Fixtures
• Accounts receivable 
• Inventory

Business Support

Businesses participating in the IBRLF may elect to have all interest accruals deferred during the first two years of their loans by opting to receive business support provided by the Small Business Development Center (SBDC). Participants pursuing this track will be required to attend workshops with the SBDC and submit to the City within one year after loan closing a complete business plan with both financial and marketing components detailed within the plan.