Are you ready to connect with MVEDD staff on your individual project?

Revolving loan funds are given to small businesses and non-profit organizations.

These businesses and organizations must be located in Fulton, Herkimer, Montgomery, Oneida, Otsego or Schoharie Counties.

• The loan can be up to $200,000

•Loans can have a payment schedule of up to 60 months.

• The interest rate will be at the prime rate, fixed for the term of the loan.

• In no case will the interest be less than 4%.

Eligible use of proceeds can include, but is not limited to : Land, building purchase and renovation costs, construction of a new facility, purchasing of machinery and equipment, fixed assets and working capital. 

Ineligible use of proceeds includes the refinancing of existing debt.

• $200 Application Fee.

• Commitment Fee of 0.5% of loan.

• Closing Fee of 0.5% of loan.

• All out of pocket expenses, including

legal fees, will be paid for by applicant.

• MORECO is a “lender of last resort” and will

not participate in a project where 100%

financing can be obtained through

conventional means.

• 10% will be required from the borrower.

• One job must be created for every $10,000.

• Requires personal guarantees of anyone

owning 20% or more of the business.

• Call our office:  (315) 866-4671

Reach out through email:  rrich@mvedd.org 

The Gap Financing for Grant Awardees Loan Fund is designed to help for profit businesses and nonprofit organizations that have been awarded a grant start their project.  Businesses/Organizations must be 

located in Fulton, Herkimer, Montgomery, Oneida, Otsego or Schoharie Counties.

• The loan can be up to $100,000.

• Interest only payments for up to 12c months.

• Awardees to pay off principal when grant funding has been released.

• The interest rate will be fixed at 4%.

Eligible use of proceeds can include, but is not limited to : Land, building purchase and renovation costs, construction of a new facility, purchasing of machinery and equipment, fixed assets and working capital. 

Ineligible use of proceeds includes the purchase of "rolling stock" and refinancing of existing debt.

• $200 Application Fee.

• Commitment Fee of 0.5% of loan.

• Closing Fee of 0.5% of loan.

• All out of pocket expenses, including

legal fees, will be paid for by applicant.

• Awardee must show proof of out of pocket match requirements for award

• Requires personal guarantees of anyone

owning 20% or more of the business.

•  Call our office:  (315) 866-4671

Reach out through email:  rrich@mvedd.org