Islip IDA COVID-19 Disaster Loan/Grant Program

July 27, 2020 – The Town of Islip Industrial Development Agency will offer grant or loan assistance to eligible businesses (for profit or not-for-profit) who have demonstrated a financial need arising from the COVID-19 Emergency Disaster declared by NY State Governor Andrew Cuomo.

The loan/grant program will adhere to the NYS Emergency Disaster Loan Program signed into law by the governor on June 19, 2020.  The Agency plans to make a total of $250,000 available to businesses for the loan/grant program. Below you will find the loan and grant applications as well as a document that details how the applications will be scored.

Email applications: ecodev@islipny.gov or mail them to: 40 Nassau Ave #7, Islip, NY 11751


LOAN PROGRAM

• Maximum dollar amount - $25,000
• Interest Rate – 0%

Businesses must meet all eight of the requirements below. To download the Emergency Loan Application, please review and confirm that your business qualifies.

  • • Be located in the Town of Islip.
  • • Have not more than fifty (50) and not less than three (3) employees.
  • • Make a commitment to job retention.
  • • Demonstrate that the use of the grant proceeds will positively impact the community.
  • • Use the grant proceeds exclusively for the purchase of Personal Protective Equipment or Installations to Prevent the Spread of COVID-19.
  • • Have been operational for at least two years and financially viable prior to the declaration of the emergency disaster (no startups).
  • • Demonstrate a financial need caused by the declaration of the emergency disaster.
  • • Provide personal guarantees of all owners.

I have read the requirements above for the loan program and confirm that my business meets each of the criteria.

COVID 19 Emergency Loan Application (PDF)
COVID 19 Emergency Loan and Grant Application Scoring Rubric (PDF)

Priority will be given to businesses that:

• Were not defined as an essential business and therefore were closed during the period of March 7, 2020 to May 29, 2020 or beyond.
• Are located in distressed communities (as defined in Article 18-A of GML).
• Are certified Minority or Women Owned Businesses (MWOB).
• Are a Veteran’s Owned Business.
• Will use the proceeds of the loan in conjunction with a capital project.
• Will provide matching funds.


GRANT PROGRAM

• Maximum dollar amount - $10,000
• No repayment required

Businesses must meet all seven of the requirements below. To download the Emergency PPE Grant Application, please review and confirm that your business qualifies.

  • • Be located in the Town of Islip.
  • • Have not more than fifty (50) and not less than three (3) employees.
  • • Make a commitment to job retention.
  • • Demonstrate that the use of the grant proceeds will positively impact the community.
  • • Use the grant proceeds exclusively for the purchase of Personal Protective Equipment or Installations to Prevent the Spread of COVID-19.
  • • Have been operational for at least two years and financially viable prior to the declaration of the emergency disaster (no startups).
  • • Demonstrate a financial need caused by the declaration of the emergency disaster.

I have read the requirements above for the grant program and confirm that my business meets each of the criteria.

COVID 19 Emergency PPE Grant Application (PDF)
COVID 19 Emergency Loan and Grant Application Scoring Rubric (PDF)

Priority will be given to businesses that:

• Were not defined as an essential business and therefore were closed during the period of March 7, 2020 to May 29, 2020 or beyond.
• Are located in distressed communities (as defined in Article 18-A of GML).
• Are certified Minority or Women Owned Businesses (MWOB).

For any questions, you can contact us at (631) 224-5512 or ecodev@islipny.gov