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NCIDA offers breaks on loan repayments during Covid-19

About 35 county businesses that have received loans from the Niagara County Industrial Development Agency or one of its subsidiaries will be allowed to request reduced payments during the Covid-19 pandemic.

The NCIDA board voted Wednesday to offer 90 days of interest-only payments to the businesses, as did the board of the Niagara Economic Development Fund, which is funded by the New York Power Authority.

Mark J. Gabriele, NCIDA attorney, said businesses that take the offer will see the length of their loans extended by 90 days.

Also Wednesday, the NCIDA board allowed Presbyterian Senior Care of Western New York to pay off a $4 million tax-exempt bond the agency approved in 2004 to pay for an expansion of the Lockport Presbyterian Home.

The payoff is part of Presbyterian's acquisition by Beechwood Continuing Care, announced almost a year ago.

Gabriele said about $2.3 million of the original bond is still owed to KeyBank. The debt is to be refinanced through M&T Bank, Gabriele said.

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