The Small Business Revolving Loan Fund (RLF) is an economic loan program, created by the Economic Development Administration (EDA) under the U.S. Department of Commerce. It is designed to provide resources in support of economic growth, viability and resiliency in the Mohawk Valley.
Contact: hdevitt@mvedd.org for more information
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.
Contact: hdevitt@mvedd.org for more information
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.
• 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
The Title IX Loan Fund (RLF) is an economic loan program, created by the Economic Development Administration (EDA). It is designed to provide resources in support of economic growth, viability and resiliency for Herkimer and Oneida Counties.
Contact: ssmith@mvedd.org for more information
The Title IX Loan Fund is designed to help businesses located in Herkimer and Oneida Counties.
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
Call our office: (315) 866-4671
Reach out through email: ssmith@mvedd.org
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.