Areas Served: Jefferson County
The purpose of the Jefferson County, New York Industrial Development Agency’s Microenterprise Revolving Loan Fund is to establish and create job opportunities in small businesses in all sectors of the local economy.
The Program provides equal access to public loan funds and stimulates small business development activity, through start-up and expansion projects.
The program targets businesses which create and retain job opportunities, for low to moderate income residents.
Types of eligible businesses will include manufacturing, retail, service, tourism, and agriculture.
Loan proceeds shall be used by the borrower for the acquisition of machinery and equipment, working capital, furniture, fixtures, and real property.
Loan can be up to $40,000 (including any amounts provided for technical assistance), and will not exceed 40% of total project costs, which ever is less.
Multiple loans can be made with a maximum aggregate amount not to exceed $120,000. Generally, interest rates range from prime minus one percent to prime plus two percent.
Rates determined on a project specific basis.
The term of the loan shall not exceed twelve (12) years.
The Microenterprise RLF is administered by the Jefferson County Job Development Corporation.
The JCJDC strongly encourages applicants to obtain the assistance of the Jefferson Community College Small Business Development Center.
Eligibility Criteria Business having five (5) or fewer employees and must include the owner as an employee.
Equity participation of at least 10% of the total project costs.
Microenterprise business owners must be income-eligible or pledge to create jobs that will be held by income eligible individuals.
Contact InformationJefferson County Job Development Corporation
Address: 800 Starbuck Avenue, Suite 800
City: Watertown
State: New York
Website:
http://www.jcjdc.net/lowcostfinancing.asp
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