The Niagara County Industrial Development Agency board has created what it is calling HELP, or the Hospitality Emergency Loan Program. It is designed to offer short-term, low-interest loans to hotels in Niagara Falls and across Niagara County that have been impacted by a loss of business, especially tourist-related, due to the COVID-19 pandemic.
Officials say the IDA has more than $1 million from past federal allocations and it has applied for an additional $670,000 from the U.S. Commerce Department.
Loans would have an interest rate of 1.5%-2% on loans of 3-5 years, with an interest-only repayment plan for the first 8-12 months.
Hotel business has dropped by as much as 90%, but is starting to slowly recover with the gradual reopening of the state's economy.
