26 West Main Street, PO Box 69, Mohawk, New York 13407
Gap Financing for Grant Awardees
You have been awarded a grant, and need financial help implementing and completing your project.
MVEDD offers gap financing opportunities for grant awardees that are ready to start their project.
This opportunity is opened to both for profit businesses and nonprofit organizations.
Eligibility
Eligible & Ineligible Use of Proceeds
Eligibility
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.
Details
Eligible & Ineligible Use of Proceeds
Eligibility
• 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 & Ineligible Use of Proceeds
Eligible & Ineligible Use of Proceeds
Eligible & Ineligible Use of Proceeds
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.
Borrower's Fees
Additional Notes
Eligible & Ineligible Use of Proceeds
• $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.
Additional Notes
Additional Notes
Additional Notes
• Awardee must show proof of out of pocket match requirements for award
• Requires personal guarantees of anyone
owning 20% or more of the business.
How to Apply
Additional Notes
Additional Notes
• Fill out the PDF application and send completed application to hdevitt@mvedd.org or mail or drop off to the address listed below
Mohawk Valley Economic Development District, Inc.
26 West Main Street, PO Box 69,
Mohawk, NY 13407-0069
Phone: (315) 866 - 4671
Mohawk Valley Economic Development District, Inc.
26 West Main Street, PO Box 69, Mohawk, New York 13407, United States
Copyright © 2020 Mohawk Valley Economic Development District, Inc. - All Rights Reserved.