Monticello, N.Y. - (April 21, 2020) - The Sullivan County Partnership for Economic Development (“Partnership”) has announced that it has received 11 applications for its Disaster Relief Workforce Emergency Fund (“DRWEF”). The fund was established from a donation by the Louis R. Cappelli Foundation (“Cappelli Foundation”) from the remaining proceeds of the Disaster Relief Revolving Loan Fund (“DRRLF”) originally established to assist businesses that suffered from natural disasters when they were confronted with back-to-back tropical storms Irene and Sandy. The DRRLF assisted four businesses totaling $40,000 and the businesses leveraged an additional $200,000 in ancillary investments.
“The Partnership reached out to the Cappelli Foundation after DRRLF loans were originated to request that the funds remain in place as low interest revolving funds to assist businesses following future disasters” said Marc Baez, President and CEO. “The Cappelli Foundation agreed, and we are most fortunate today to able to repurpose the Cappelli Foundation donation and utilize these funds to help business victims of the COVID-19 pandemic” he added.
As of April 20, the Partnership has received 11 applications for the DRWEF which are being expedited through a simple review and remote closing process. The loans are targeted at small businesses with 10 employees or less to assist with liquidity, prioritizing workforce expenses.
“We are pleased that the Cappelli Foundation funds are being used to assist Sullivan County small businesses in these stressful times” said Louis Cappelli. “May 2020 will mark our 20th anniversary of being part of the Sullivan County community with our purchase of the former Concord and Grossinger’s hotels nearly 20 years ago. We are happy for the opportunity to make a difference when it matters most”.
The Partnership has been assisting businesses throughout this crisis with Payroll Protection Program and Economic Injury Disaster Loan applications as well as other areas of assistance. You may contact the Partnership with questions at email@example.com.
About Sullivan County Partnership: The Partnership, founded in 1994, is a private non-profit organization focused on marketing, job creation, and the development and expansion of sustainable businesses in Sullivan County. The Partnership has played a pivotal role in providing facilitative services and carrying the message of a positive outlook for the future of Sullivan County businesses for 25 years. To learn more about the organization, visit www.scpartnership.com.
For more information, contact:
Marc Baez, President/CEO
Sullivan County Partnership
(845) 794-1110, firstname.lastname@example.org