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Cheektowaga offers low-rate loans to businesses in effort to create jobs

The Cheektowaga Economic Development Corp. is offering low-rate loans to businesses located in the town.

The loans, which carry a 0.5 percent interest rate for a five-year term, are available to firms in manufacturing, warehousing and wholesale distribution. Certain retail and service trade firms also may be considered.

The loan financing must be used for projects that result in the creation of new jobs. More than half of the jobs must be made available to workers who are classified as having low to moderate incomes at the time they are hired.

Eligible workers would be members of a family whose combined income is less than 80 percent of the area's median income. For someone from a family of four, it would take a combined income of less than $52,900 to be considered a low to moderate income person.

The minimum loan amount is $10,000, and the total amount of financing cannot exceed $35,000 per job. Existing loans from the agency cannot be refinanced through the loan program.

Additional information is available at 897-7200, Ext. 6, or at its website,