Areas Served: Chemung, Schuyler, and Steuben Counties.
The REDEC Relending Corporation Revolving Loan Program provides “gap financing” to start-up and existing businesses located in Chemung, Schuyler and Steuben Counties inNew York.
All loan applicants must demonstrate both a need for REDEC or REDEC Relending Corporation financing and that the project will provide a positive job impact.
Eligible Applicants: For-profit businesses located in Chemung, Schuyler, and Steuben Counties.
Preference will be given to manufacturing and industrial projects where opportunities for employment are greatest; and tourism related businesses, which will increase the tax base.
Ineligible Applicants: Officers, Board Members, Staff or Blood Relatives of any of the above representing REDEC for a period of one year following service.
Eligible Activities: Acquisition and/or improvement of land, building, plant and equipment; including new construction or renovation of existing facilities; demolition and site preparation; and working capital.
Ineligible Activities: Speculative activities; purchase or finance equity in private business; debt consolidation or refinancing.
Maximum Loan Size: 50% of the total project cost, up to $100,000; whichever is less, based on the availability of funds.
A borrower may not have more than $150,000 in REDEC/RRC loans outstanding at any one time.
Retail/commercial/service type projects are limited to $50,000 or 35% of the total project cost; whichever is less.
Equity Requirement Minimum of 5% cash equity injection required.
Interest Rate: Interest rate is determined at loan approval Terms: 3 – 7 years for working capital and equipment.
7 – 10 years for real estate activities.
Job Impact: Minimum of one full time (37.5 hours) equivalent employee must be created for every $20,000 loaned.
Contact InformationRegional Economic Development and Energy Corporation
Address: 8 Denison Parkway, E.
City: Corning
State: New York
Website:
http://www.redec.us/RevolvingLoanProgram.asp
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