Areas Served: Westchester and Rockland Counties
The Westchester/Rockland Revolving Loan Fund Program was established to promote small business growth and economic development in Westchester and Rockland Counties, New York.
The essential feature of the program is to provide financial assistance to companies that neither qualify for conventional financing nor meet a bank’s credit guidelines.
The program is administered in Westchester by the Westchester County Office of Economic Development, and is funded via a grant provided by Empire State Development.
A loan committee, which includes representatives of lending institutions in Westchester and Rockland Counties, reviews and decides upon loan applications.
Loan Features: – Loan Amounts: Loan amounts may start at $2,500, and up to a maximum of $30,000. – Loan Terms: One year to five years dependent upon the lifeof the assets financed.
– Loan Interest Rates: Rates will be established on a case-bycase basis, not to exceed prime plus three, based on the credit worthiness of the business Use of Funds: Funds may be used for working capital, inventory, equipment, mezzanine financing and leasehold improvements to owneroccupied real estate.
Use of funds must result in the retention and/or creation of jobs in Westchester or Rockland Counties.
Contact InformationWestchester County Office of Economic Development
Address: 148 Martine Avenue 9th Floor
City: White Plains
State: New York
Website:
http://www.westchestergov.com/pdfs/ECODEV_revolvingLoanFundapp.pdf
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