26 West Main Street, PO Box 69, Mohawk, New York 13407
Rural Development Loan Fund
The Rural Development Loan Fund (RLF) is an economic loan program, created by the U.S Department of Agriculture (USDA-RD). It is designed to
provide resources in support of economic growth, viability and resiliency in rural communities.
Eligibility
Eligible & Ineligible Use of Proceeds
Loan Details
The Rural Development Loan Fund is designed to help businesses located in rural communities. Businesses must be
located in Fulton, Herkimer, Montgomery, Oneida, Otsego or Schoharie Counties.
Loan Details
Eligible & Ineligible Use of Proceeds
Loan Details
• The loan can be up to $200,000
•Loans payment schedule are 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 & 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 refinancing of existing debt.
Borrower Fee
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
• 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.
How to Apply
Additional Notes
Additional Notes
• Download the PDF application (below)
• 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.