Niagara County IDA creates HELP for hotels

Jun 10, 2020

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.