Adirondack Economic Development Corporation administers several loan programs including a Micro Loan Program that is available to Washington County businesses.
The Capital Community Loan Fund provides financing to businesses in Washington County.
The New York Business Development Corporation offers a variety of financing options for Washington County businesses.
Non-refundable application fee of $150.00 must accompany the application upon submission.
Eligible Borrowers:
Businesses with five and fewer employees in the form of sole proprietorship, partnership or corporation; expansions or start-up
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; applicable insurance; submission of financial information; completion of Microenterprise Assistance Program
Term:
Maximum 7 years; based on the nature of the loan
Interest Rate:
Ceiling of 9%; floor of 5%, fixed; based on each individual loan application submission
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:
Commitment fee of ˝ of 2%; closing fee of ˝ of 2%; recording fees; filing fees; WCLDC attorney’s fee
Objectives:
Establishment and expansion of microenterprises; creation of employment opportunities; preservation and expansion of tax base
For more information
contact Washington County LDC.
Non-refundable application fee of $150.00 must accompany the application upon submission.
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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
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:
Ceiling of 9%; floor of 5%, fixed; based on each individual loan application submission
Collateral:
First security interest in assets purchased with loan proceeds; personal/corporate guarantee; 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 ˝ of 2%; closing fee of ˝ of 2%; recording fees; filing fees; WCLDC attorney’s fee
Objectives:
Facilitate the expansion of business activity within the County; create employment opportunities; expand the tax base
For more information contact Washington County LDC.
Non-refundable application fee of $150.00 must accompany the application upon submission.
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)
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:
Ceiling of 9%; floor of 5%, fixed; based on each individual loan application submission
Collateral:
First security interest in assets purchased with loan proceeds; personal guarantee; first or second mortgage; other collateral as required; negotiable with other lenders
Minimum Loan:
$25,000
Fees:
Commitment fee of ˝ of 2%; closing fee of ˝ of 2%; recording fees; filing fees; WCLDC attorney’s fee
Objectives:
Facilitate the expansion of business activity within the County; create employment opportunities; expand the tax base
For more information
contact Washington County LDC.
Non-refundable application fee of $150.00 must accompany the application upon submission.
Eligible Borrowers:
Sole proprietorships, partnerships, corporations or individuals acting as principals of an eligible entity and who will lease or rent assets to an otherwise eligible borrower
Eligible Use of Funds:
Purchase funds may be used for any justifiable business purpose including, but not limited to, fixed assets, current assets including inventory and receivables, permanent working capital, real estate purchase, building construction or renovation and any other use deemed appropriate by the Board of Directors.
Standards:
Projected employment must be reasonably expected to occur as a direct result of the new or expanded business activity and shall not exceed thirty-six months beyond the completion of the expansion. The maximum amount of Program financing may not exceed the ratio of $50,000 per each employment opportunity to be created or retained.
Term:
For fixed assets loans, the Program loan term will be consistent with the life of the assets being financed and in no instance exceed fifteen years. For all loans, the repayment terms will be determined by the LDC based upon presented factors
Interest Rate:
Ceiling of 9%; floor of 5%, fixed; based on each individual loan application submission
Collateral:
First security interest in assets purchased with loan proceeds; personal guaranty; first or second mortgage; other collateral as required; negotiable with other lenders
Maximum Loan:
There is no minimum loan amount to apply for this program
Fees:
Commitment fee of ˝ of 2%; closing fee of ˝ of 2%; recording fees; filing fees; WCLDC attorney’s fee
Objectives:
Facilitate the expansion of business activity within the County; create employment opportunities; expand tax base
For more information
contact Washington County LDC.
