Areas Served: Sullivan County
The RLF was established by a grant from Housing and Urban Development (HUD) to the County under the Community Development Block Grant (CDBG) Program.
The application to HUD dated August 1, 1984, upon which this funding award was based, represents the County’s contractual agreement with HUD.
The County of Sullivan Industrial Development Agency (IDA) administers this fund for the County of Sullivan.
This summary was developed using the HUD awarded grant as its basis.
OBJECTIVES: The primary objective of the RLF is the generation of new employment opportunities for Sullivan County residents.
Other objectives include the generation of new local tax revenues, diversification of the local economy and greater economic and employment stability.
The RLF will make low-cost financing available to eligible firms which can demonstrate the need for RLF assistance to generate new jobs and meet other RLF objectives.
ELIGIBILITY CRITERIA Eligible Applicants: A.
Applicants may be sole proprietors, partnerships or corporations.
B.
Applicants must prove the need for RLF assistance, i.e., the unavailability of complete project financing at reasonable rates and terms.
C.
Applicants must possess good moral character and reputation.
An investigation of such character shall be made from appropriate sources (past employers, creditor, etc.
), to which applicant shall consent.
D.
Applicants must provide a minimum equity participation of at least 10% of the total project coSt. This 10% must be from resources of the borrower and may include cash, land and properties or machinery and equipment.
E.
Applicants must prove ability to repay RLF loans.
F.
Applicants must possess sufficient prior experience in the business for which RLF assistance is requested to prove an ability to succeed.
ligible Uses of RLF Loans: Loans under RLF may be made for part of the total development costs of eligible project that may include the following: A.
Land costs including related expenses; B.
Building costs including new construction, renovation and related professional expenses; C.
Machinery and Equipment including installation and related professional fees but excluding furniture, movable fixtures and equipment not made permanent to the real estate; D.
Working and start-up capital, where other financing is not available for this gap and where this financing is secured by fixed assets; E.
Infrastructure costs (water/sewer); F.
Relocation costs; and G.
Other costs deemed appropriate by the Sullivan County IDA and eligible under HUD regulations.
APPLICATION REVIEW FACTORS Minimum Requirements: A.
Not less than 10% of total project financing must be provided by the applicant in the form of cash, property, or other net equity.
B.
Applicants must prove and document the need for RLF assistance and must present evidence of efforts to obtain other appropriate financing through private lenders and such public sources as the Job Development Authority, Small Business Administration, and New York Business Development Corporation.
C.
RLF loans will be made in the minimum amount necessary to complete the financing package for an eligible project.
RLF participation, however, will not exceed 40% of the total project coSt. Start-up businesses meeting RLF requirements will be eligible for no more than $15,000 from the RLF.
However, where exceptional circumstances warrant, greater RLF participation may be granted at the sole discretion of the IDA.
D.
A minimum of one (1) full-time job must be created or retained for each $10,000 in loan funds borrowed from the RLF.
Contact InformationCounty of Sullivan Industrial Development Agency
Address: 1 Cablevision Center
City: Ferndale
State: New York
Website:
http://www.sullivanida.com/revolving-loan-fund/
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