Regional Revolving Loan Trust Fund Program
Empire State Development (ESD) has capitalized six Regional Revolving Loan Trust Fund (RRLTF) programs operated by regional not-for-profit organizations in New York State for the purpose of making working capital loans and loan guarantees to small businesses employing fewer than 100 employees. The RRLTF offers working capital loans of up to $75,000 or 50% of the total project cost, whichever is less, and working capital loan guarantees of up to 80% of the loan amount, not to exceed $80,000.
Loan terms, interest rates and collateral requirements are determined by the administering corporations and their loan committees.
Loans from EDGE
Job Development Loan Fund - Mohawk Valley EDGE Job Development Loan Fund is designed to support private sector investments in projects that result in job growth in Oneida County. It was capitalized with public and private funds and is a traditional revolving loan fund.
Mohawk Valley EDGE is responsible for overseeing and administering several revolving loan funds that are used for economic development. These funds are available to support economic development projects that will create jobs, support the retention of existing jobs, enhance the tax base of the area and provide other benefits to the regionís economy.
Micro-Enterprise Assistance Program - The Oneida County Micro-Enterprise Loan Program is available to assist small businesses and start-up companies in Oneida County that create new job opportunities for low and moderate income persons. Administered by Mohawk Valley EDGE, the program is designed to provide low interest loans and gap financing for small business start-ups with five or less employees.
Funding for the Micro-Enterprise Assistance Program is through a grant to Oneida County from the New York State Small Cities Community Development Program. These funds are in addition to the EDGE Job Development Loan Program.
Mohawk Valley EDGE will work closely with the SUNY Small Business Development Center (SBDC), to help prospective applicants complete business plans and provide technical assistance that is needed to help small business.
Rural Development & Agri-Business Assistance Program - The Oneida County Rural Development & Agri-Business Loan Program is designed to support rural economic development and agri-business ventures by securing financing not normally available through traditional channels.
The program is designed to provide low interest loans to help small existing or start up companies provide new job opportunities, keep existing jobs and to broaden the tax base in eligible rural areas of Oneida County. Assistance may be provided for agri-business ventures that demonstrate ability for business growth potential. The program is administered by Mohawk Valley EDGE.
Funding for the Rural Development & Agri-Business Program is through a grant to Oneida County from the New York State Small Cities Community Development Program.
Mohawk Valley EDGE will work closely with the SUNY Small Business Development Center (SBDC) and Cornell Cooperative Extension, to help prospective applicants to complete business plans and provide technical assistance that is needed to help small business.
Rome Industrial Development Corporation Loans
RIDC can help introduce you to a wealth of valuable economic development information that will help get your venture on the right track from the start. And, it is the only full-time economic development corporation working full-time, for the economic benefit of the entire City of Rome.
RIDC is a private sector, non-profit economic development corporation established in 1959. Governed by a board of directors consisting of community-minded local business people, and staffed by business-friendly professionals, RIDC's mission is "to maintain and improve the economic vitality and quality of life of the City of Rome and its environs by supporting, nurturing and encouraging its commercial, industrial and financial development".
RIDC offers a full range of financial incentives, including four Revolving Loan Funds as well as NYS Empire Zone incentives. RIDC works with commercial lenders and other local and regional economic development agencies to prepare a finance package specifically tailored to your firm. RIDC will also subrogate its loans in certain circumstances as well as consider business circumstances and financing situations beyond the realm of traditional financial institutions. Certain locations in Rome may also be eligible for additional financial incentives through the 485-b Tax Exemption, Rome Entrepreneurial Assistance, and Facade Improvement Programs offered by the City of Rome.
Utica Industrial Development Corporation Loans
UIDC is a private, not-for-profit membership corporation established in 1945. Its mission is to encourage the location and expansion of industrial and manufacturing capacity, the creation of new and improved job opportunities, the reduction of unemployment and the betterment of individual and community prosperity.
The UIDC Loan Fund is available to existing small businesses and start-up firms within the City of Utica or within Oneida and Herkimer Counties. Loans must result in the creation or retention of jobs and/or a significant increase in business activity within the target communities. Loan recipients will be required to track job creation numbers and provide documentation of investment. Businesses engaged in manufacturing, industrial, wholesale, technology, service (non-professional) and retail commercial/service are eligible. Loans can be used for purchase of and renovations/improvements to real estate, machinery, equipment, or for working capital. The program is designed to provide gap financing and will be the minimum amount necessary, in UIDC's opinion, to ensure the viability of the project.