CWC makes funds available to Walton businesses

MARGARETVILLE, NY, August 1, 2006 -The Catskill Watershed Corporation Board of Directors voted July 25 to establish a $5 million fund to supply zero-interest loans to flood stricken businesses in the Village of Walton.

An abbreviated loan process, deferral of loan payments for the first six months and waiver of fees and equity contributions are part of the program to assist Walton business owners directly affected by the June 29 flood. To qualify for the loans, businesses must have suffered damage that prevented and/or seriously impeded normal operations.

"Expedited reopening of businesses is imperative to restoring jobs and returning a sense of normalcy to Walton area residents," commented Alan Rosa, Executive Director of the CWC. "It’s a situation that needs to be addressed by the CWC as part of a broad recovery plan including federal, state and local efforts."

Loan funds, taken from the Catskill Fund for the Future, may be used for costs incurred during flood clean-up, building and grounds restoration and replacement of furniture, fixtures, equipment and inventory. CWC staff will provide assistance throughout the application process.

The standard loan requirement for a business plan will be waived, and the need for the participation of other lenders will be considered on a case by case basis.

Also at the July 25 meeting, the CWC Board adopted a resolution expressing appreciation to the New York City Mayor Michael Bloomberg and NYC Department of Environmental Protection Commissioner Emily Lloyd for flood recovery assistance in the form of rescue and emergency personnel, equipment and clean-up crews.

More than 100 DEP police officers were deployed to Delhi, Walton and Beerston to help with the initial emergency, including the rescue of 50 people at Breakstone Dairy in Walton.

Ten scuba divers, a helicopter, three boats, and 28 specially equipped vehicles were provided by the DEP, which also sent a 1,000-gallon water truck to Walton. Leak detection and road repair crews were also provided, along with dump trucks, graders, backhoes, a paving machine, roller and a bucket truck.

NYC Sanitation Department workers also volunteered for duty in the watershed. "We really needed it, and very much appreciate the help the City provided," commented Jim Eisel, a member of the CWC Board and chairman of the Delaware County Board of Supervisors.

For more information on CWC programs, including regular, low-interest loans from the Catskill Fund for the Future, go to www.cwconline.org, or call 845-586-1400, or toll-free, 877-928-7433.