Microenterprise Assistance Program

Airport Industrial Park

Business Financing Programs

NEW! www.aedconline.com - The Adirondack Economic Development Corporation
administers several loan programs including a Micro Loan Program that is
available to Washington County businesses.

NEW! www.cdclf.org - The Capital Community Loan Fund provides financing to
businesses in Washington County.

NEW! www.nybdc.com -  The New York Business Development Corporation offers a
variety of financing options for Washington County businesses.

Microenterprise Loan Fund

Eligible Borrowers:

Eligible Use of Funds:

Standards:                    

Creation of employment opportunities consistent with Federal regulations governing the CDBG program; applicable insurance; submission of financial information; completion of Microenterprise Assistance Program

Term:                     

 Maximum 7 years; based on the nature of the loan

Interest Rate:              

 75% of Wall Street Prime (ceiling of 9%; floor of 5%), fixed

Collateral:                    

First security interest in assets purchased with loan proceeds; personal guaranty;other collateral as required; negotiable with other lenders

Maximum Loan:                  

$25,000

Fees:                           

Closing costs on sliding scale

Application Process:         

Contact: Mark Galough, Executive Director
WCLDC
383 Broadway, Fort Edward   NY   12828

PHONE (518) 746-2292   
FAX (518) 746-2293

MGalough@co.washington.ny.us 

Objectives:                  

Establishment and expansion of microenterprises;  creation of employment opportunities; preservation and expansion of tax base

Intermediary Relending Program

Eligible Borrowers:           

Sole proprietorships, partnerships or corporations employed primarily in the following business activities: manufacturing, warehousing, wholesale distribution; expansions or start-ups

Eligible Use of Funds:     

Purchase of fixed assets; working capital; real estate acquisition, "no rolling stock"

Standards:                           

Creation of employment opportunities consistent with Federal regulations governing the IRP program; applicable insurance; submission of financial information; appraisal

Term:    

5 years working capital; 5-7 years machinery/equipment;
10-15 years real estate

Interest Rate:   

75% of Wall Street Prime (ceiling of 9%; floor of 5%), fixed 

Collateral:                           

First security interest in assets purchased with loan proceeds; personal/corporate guaranty; first or second mortgage; other collateral as required; negotiable with other lenders

Maximum

Participation:                                      

50% of the total project cost 

Minimum Loan:  

$25,000

Maximum Loan:  

$150,000

Fees:                                     

Commitment fee of ½ of 1%; closing fee of ½ of 1%; recording fees, filing fees; WCLDC attorney’s fee

Application Process:                               

Contact:
Mark Galough, Executive Director
WCLDC
383 Broadway, Fort Edward  NY   12828

Phone: (518) 746-2292
FAX:  (518) 746-2293

MGalough @co.washington.ny.us

Objectives:                           

Facilitate the expansion of business activity within the County; create employment opportunities; expand the tax base

Economic Development Loan Program

Eligible Borrowers:   

Sole proprietorships, partnerships or corporations, employed primarily in the following business activities: manufacturing, warehousing, wholesale distribution, expansions or start-ups

 Eligible Use of Funds:      

Purchase of fixed assets; working capital; real estate acquisitions, (no construction/renovation; no rolling stock)

Standards:      

Creation of employment opportunities consistent with Federal regulations governing the CDBG program;  $15,000 per job created; applicable insurance; submission of financial information

Term:        

5 years working capital; 5-7 years machinery/equipment;
10-15 years real estate 

Interest Rate:           

75% of Wall Street Prime (ceiling of 9%; floor of 5%), fixed 

Collateral:                 

First security interest in assets purchased with loan proceeds; personal guaranty; first or second mortgage; other collateral as required; negotiable with other lenders

Minimum Loan:  

$25,000

Fees:                         

Commitment fee of ½ of 1%;
closing fee of ½ of 1%;
recording fees;
filing fees;
WCLDC attorney’s fee

Application Process:   

Contact:    
Mark Galough, Executive Director
WCLDC
383 Broadway, Fort Edward   NY   12828

PHONE (518) 746-2292
FAX (518) 746-2293

MGalough@co.washington.ny.us

Objectives:       
Facilitate the expansion of business activity within the County; create employment opportunities; expand the tax base