Loan Programs
Job Development Loan Fund

Loans

Up to 35% of the total project cost, with a minimum loan of $25,000 and a maximum loan of $250,000.
Minimum of 10% cash equity contribution by the borrower toward total project cost is required.
Bank financing required for at least 50% of the total project cost.
Public funds from other programs can be used for the balance of the project.

Program Requirements

The assistance must result in either the creation or retention of jobs in Oneida County.
Loans approved will be the minimum amount necessary to support the project.

Eligibility

Project must be located in the County of Oneida.
Businesses engaged in manufacturing, industrial, wholesale, technology, service (non-professional) and non-retail commercial/ service.
Loans can be used for purchase of and improvements to fixed assets (such as real estate, buildings, machinery and equipment) and working capital.
Refinancing of existing loans is not eligible, lines of credit and bridge loans are also not eligible.

Loan Terms & Rates

Interest rate is 85% of the current prime rate fixed at closing for the life of the loan.
Real Estate – from 10-15 years.
Machinery and equipment – up to 7 years.
Working capital financing – up to 5 years.

Collateral

Real estate loans are generally secured by a second mortgage on the property being financed for loans in excess of $15,000.
Security interest in machinery & equipment, accounts/ receivable, and inventory, subordinate only to a bank.
Personal guarantees may be required.

Application Process

Applications are completed by the borrower.
All projects must be approved by EDGE Loan Committee, which meets monthly.
Average loan processing time is 45 days after receipt of complete application by EDGE.
Applications must be accompanied by letters of commitment for all other elements of project financing.
Borrower is responsible for all closing costs.

For a loan application, click here to contact Mohawk Valley EDGE.

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