Areas Served: Sullivan County
The Sullivan County Revolving Loan Funds provide seed capital and early stage loans to eligible entrepreneurial companies who want to establish or expand within the county.
Special consideration shall be given to assisting businesses owned and operated by persons of low-to moderate-income, as required by the specific program.
The Sullivan County Division of Planning & Environmental Management (DPEM) administers four different revolving loan program funds that assist entrepreneurs looking to establish or expand businesses: Agri-Business Loan Program; Agri-Business Micro-Enterprise Loan Program; Main Street Business Loan Program; Main Street Micro-Enterprise Loan Program.
Loans range from up to $10,000 to up to $100,000 depending on various criteria including the percentage of owner equity involved, the number of jobs created, and location of business.
Rates for all loans are set at 1% below the prime interest rate, with a base minimum of 2% and a maximum of 6%.
Terms are generally set at up to ten (10) years and are commensurate with items being financed.
Applicants must hold at least a 20% share in the businesses and must sign a personal guarantee for the repayment of the loan.
A non-refundable application processing fee of $50 applies to all applicants and a closing fee of $100 is required for all approved loans.
For additional information on these loan programs please contact us at 845-807-0541. The Sullivan County Partnership for Economic Development administers two different revolving loan funds: the Sullivan Investments Revolving Loan Program and the Incubator Without Walls Revolving Loan Program.
The Partnership provides financing along with technical assistance and has helped many businesses remain viable over the years.
Contact InformationSullivan County Division of Planning & Environmental Management
Address: 100 North Street
City: Monticello
State: New York
Website:
http://www.catskillsedc.com/business-resources/business-incentives/
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