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Nassau IDA wants to give grants, loans to small biz

Nassau IDA chairman Richard Kessel (Credit: IDA)
Nassau IDA chairman Richard Kessel (Credit: IDA)

The Nassau Industrial Development Agency hopes to get state clearance to provide grants and loans to small businesses to aid with coronavirus recovery, according to Newsday.

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The 109 active IDAs across New York charge fees to developers and use that money to provide tax breaks to businesses excluding retailers. Nassau IDA chairman Richard Kessel hopes to tap the IDA’s reserves to help businesses buy masks, gloves, hand sanitizer, and to help them adapt their spaces to comply with state social distancing rules.

New York State Sen. Rachel May has introduced legislation to allow IDAs to lend money to small businesses and nonprofits in the event of a public health emergency. [Newsday]

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