Areas Served: Ulster County
The Ulster County, New York USDA Intermediary Relending Program Loan Fund will provide loans to small businesses at low rates of interest for part of their financing needs.
The fund will lend up to 16% of a total project cost and another 14% in matching loan from the UCDC RLF fund, in conjunction with conventional lending sources for eligible projects.
At least 50% of the project must come from either the applicant or a conventional lending source.
Loan Project Selection Criteria Eligible Applicants – The applicant must be unable to secure complete financing through normal lending channels or reasonable and feasible terms.
– The applicant may be a sole proprietorship, partnership or corporation.
– An applicant must possess good character and reputation.
An investigation of character shall be made from the best available sources: past and present creditors, employers and any other individuals who may have knowledge of the applicant.
– At least 30% of the recipients must be from an underrepresented group.
– Ownership must be at least 51% United States citizens or legal permanent residents of the United States.
Eligible Projects – Acquisition and assembly of land for commercial, industrial or related uses.
– Acquisition of abandoned properties for redevelopment for commercial, industrial or related uses.
– Development of real estate including redevelopment and rehabilitation of historical buildings for industrial or commercial use.
– Other investments, which will directly accelerate the recycling of land and facilities for, job creating activity, such as assistance to firms to locate or expand in such facilities.
– Other projects and activities deemed by the UCUSDAIRPLF Committee to be within the general intent and purpose of this program.
Ineligible projects – Speculative building or renovations and speculative real estate.
Site improvement without job creation or demonstrated retention is also ineligible.
– Payoff of existing loans to financial institutions.
– Start-up businesses, unless the applicant can demonstrate an excellent background in that field, a firm market for the product or service, and a reason why other competitors are not presently servicing this market.
– Projects, which are, located in areas where funds from other revolving loan funds are available, or where feasible financing can be arranged.
– Residential and professional buildings.
Eligible Costs – Land costs, including real estate, legal, engineering, grading, site testing, mapping, and related costs associated with the acquisition and preparation of land.
– Building costs, including real estate, engineering, architectural, legal and related costs associated with acquisition, construction and rehabilitation of buildings.
– Machinery and equipment costs including delivery, installation, engineering, and other costs directly related to the acquisition and installation of machinery and equipment.
– Working and start-up capital, where the UCUSDAIRPLF Committee determines these costs to be eligible and advisable.
– Infrastructure costs.
– Relocation costs where the UCUSDAIRPLF determines these costs to be eligible and advisable.
– Other costs contributing directly to the value of the project as determined by the UCUSDAIRPLF Committee.
Contact InformationUlster County Development Corporation
Address: 5 Development Court
City: Kingston
State: New York
Website:
http://www.ulsterny.com/index.php?option=com_content&view=article&id=184:ulster-county-usda-intermediary-relending-program-loan-fund&catid=157&Itemid=130
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