Utica Mayor Robert Palmieri is announcing the first round of loans for local businesses impacted by coronavirus.

Palmieri says the Economic Stimulus Loan Program was designed as a safety net for businesses who were not eligible for federal assistance.

The City received 91 loan applications and the mayor says 63 of those businesses were able to secure federal funding.

Palmieri says the remaining 28 applications have been approved and those businesses will receive a zero-interest loan, which can be converted into a grant if certain criteria is met.

The city still has funding available.

A loan application can be found on the City of Utica’s website.