• Mar 06, 22
• spencergregory
• Revolving Loan Fund Directory
• 0 comment

Funding for BLDC loan programs comes from the Department of Housing Urban Development’s Community Development Block Grant (CDBG), as well as other federal sources.

CDBG provides low-cost loans to help fill the gap in financing packages for a variety of transactions, including acquisition, expansion, fixed assets, rehabilitation, and facade renovation.

Loans may be subject to job development guidelines, and all loans require an application fee and owner equity.

The City Of Binghamton has three loI.

Revolving Fund Loans – Up to 40% of the total project cost, to a maximum of $250,000, whichever is less – Low interest rate, 75% of the prime interest rate published in the Wall Street Journal, not to go below 4% – Terms to match the security or collateral, up to 20 years in some cases.

Eligibility – Borrower: Proprietorship, Partnership, Corporation or LLC – Property: Properly Zoned for commercial use within the City limits of Binghamton – Verification from the City that project meets zoning & building requirements Uses: – Acquisition of land, building, machinery, equipment, furniture/fixtures; development, rehabilitation, renovation, improvement of land, building and facilities.

Pollution control and related improvements.

Micro Enterprise Loans – Business of five or fewer employees, one must be owner – Up to $24, 000, up to 5-year term – Low interest rates, 75% of prime interest rate published in the Wall Street Journal, not to go below 4% Uses: – Purchase of fixed assets – Working capital or inventory Commercial Facade Improvement Loans To improve the overall “curb appeal” of the City’s commercial districts, the COMMERCIAL FACADE IMPROVEMENT PROGRAM can provide financial assistance to local businesses to upgrade the exterior buildings and historical restoration.

Loan Guidelines: – Up to 75% of total project costs to a maximum of $100,000. – Low interest rates, 75% of prime interest rate published in the Wall Street Journal, not to go below 4% – Up to 7-year term, determined by BLDC Loan Committee Eligibility: – Borrower: Proprietorship, Partnership, Corporation or LLC – Property: properly Zoned for commercial use within the City limits of Binghamton – Verification from the City that project meets zoning and building requirements Uses: – Historical restoration on the exterior of the building – Roof, door and window replacement – Exterior refinishing – masonry, paint



Contact Information
City Of Binghamton, New York
Address: 38 Hawley Street, 4th floor
City: Binghamton
State: New York

Website: http://www.cityofbinghamton.com/department.asp?zone=Dept-Economic-Development&pid=6&pm=page

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