Due to high loan interest rates, the Allegany County Economic and Community Development (ACECD) has launched the Business Expansion Deferred Loan Program to provide local businesses with essential growth capital on more favorable terms, driving business success and investment into the county.The first of its kind in Allegany County, the Business Expansion Deferred Loan Program offers loans ranging from $10,000 to $50,000 with interest rates around 3%—roughly half the rate offered by conventional lenders, making growth more attainable for local enterprises. Businesses that meet their annual goals can have up to 50% of their loan forgiven and have a six-month payment deferral, which further accelerates growth. On September 5, 2024, during the Allegany County Board of Commissioners Public Meeting, three businesses were approved as the first recipients of the loan program—Locust Post Brewery, Queen City Scoop Shop, and Chew On This - Jerky.Nathan Price, Senior Project Manager for ACECD, notes, “We chose these first three recipients because of their tremendous potential for success,” said Price. “Each recipient has become a community staple in Allegany County, and this loan program will help them take the next step in enhancing their offerings while driving investment into the county and recognition for artistry in the region.”Read more about the program’s first three recipients below.