NIAGARA FALLS, N.Y. — Two Niagara Falls hotels owned by members of the Patel family are tapping into a low-interest loan program run by the Niagara County Industrial Development Agency to help with Covid-related financial gaps. In one case, the fund will help a hotel change from a national affiliation to a local, boutique-style operation.
The deal: Rupal Corp. and Indian Ocean LLC – both run by Pragna, Babu and Nirel Patel – were approved for 1.5% loans through the NCIDA’s Hospitality Emergency Loan Program, which was created last year to aid county hotels hurt by the drop in tourism.
Rupal's $56,055 and Indian Ocean’s $93,280 were both approved by the NCIDA directors July 14. The businesses have to pay only the interest for the first 12 months and then have four years to repay the loans with interest.
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