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City of Plattsburgh Looking to Launch Zero Interest Loan Fund for Downtown Businesses Affected by Margaret Street Reconstruction

The City of Plattsburgh is proposing to make available loans with zero payments for the first year and zero interest for the first two years to qualifying businesses that have been directly impacted by the Margaret Street Reconstruction Project. The Impacted Business Revolving Loan Fund (IBRLF), a subprogram of the City’s recently revived Community Development Revolving Loan Fund (CDRLF), will offer loans of up to $30,000 to downtown businesses who were directly impacted by this summer’s Margaret Street Reconstruction project. Opening the IBRLF program will require Council approval.

Justification for the IBRLF

The City of Plattsburgh recognizes the importance of its downtown business community and the critical role that community plays in the local economy. This is one of the reasons that completion of the full-depth road reconstruction project currently underway on Margaret, Court, and Brinkerhoff streets was made a high priority.

“When we started this construction project in September of 2021, nearly two years ago, we knew it was going to be one of the biggest disruptions our City has seen in the better part of 20 years. Part of our concern was for local businesses who would be directly impacted by the much needed infrastructure investment,” says City of Plattsburgh Mayor Christopher Rosenquest. “We’ve included downtown businesses and residents in every step of this process either through email, in person events, or door-to-door efforts.” 

As with any road reconstruction project and despite the City’s best efforts, there exist ongoing detrimental impacts to businesses directly adjacent to the construction zone. In a recent survey which included responses from twenty downtown businesses, respondents listed the following as the top three impacts of the construction project on their business; loss of patronage, exterior facades being dirty due to construction, and interruptions to scheduled deliveries. The City has received substantial feedback from the owners of downtown businesses and many requests for any financial assistance that can be made available. The conditions created by the Margaret Street Project justify such assistance because it meets an urgent need, retains businesses owned by community residents, and assists businesses that provide goods and services needed by low-to-moderate income residents.

For all the reasons above, the IBRLF can be made available to assist small businesses impacted by the project via the offering of loans, after a review of the loan applications. Sufficient collateral to cover all requested loan amounts must be provided by applicants in order to qualify for these loans.  

The deadline for loan applications is October 27, 2023.  For more information please vist Revolving Loan Fund | City of Plattsburgh, New York (

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