The objective of the Utica Industrial Development Corporation (UIDC) COVID-19 Loan Program (the “Program”) is to help existing businesses in Oneida and Herkimer Counties remain viable after the effects of the COVID-19 pandemic. This program assists businesses cover short-term working capital needs as well as capital expenses that build business resilience to COVID and other potential disasters.
Program Eligibility Criteria
* Must be a registered NYS for-profit legal business entity [excluding “sin businesses,” which include but is not limited to smoke shops, liquor stores, gambling facilities, and tanning salons];
* Must be located within Oneida County or Herkimer County. Priority is given to those within UIDC’s target investment area, which is generally defined as the urbanized area connecting the Cities of Utica and Rome, and the Village of Herkimer;
* Applicant firms must have 25 or fewer FTE employees and be in existence since January 1, 2019;
* Businesses must demonstrate financial losses directly attributed to the COVID-19 pandemic;
* Applicant must present a reasonable likelihood for long-term viability.
Financial Assistance Characteristics
* Loans will range in size from $5,000 to $25,000;
* Interest will be three (3%) percent for the term of the loan;
* Loan payments are be deferred for the first three months, followed by a three-month interest-only period. Principal-and-interest payments may range from 24-60 months, based on the needs of the applicant;
* No physical collateral required, however, personal guarantees of ALL owners of the applicant will be required;
* No application fee; $250 underwriting/closing costs will be capitalized in the loan;
* No prepayment penalty;
* Due to limited nature of funds, the amount loaned may be less than the amount requested by the applicant.
*UIDC reserves the right to provide funding at its sole discretion.