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Home:
Programs: Loan Programs
Loan Programs
In order to carry out our role as an agent
for economic development in Schenectady County, we administer
two small business loan funds for the county as well as a loan
fund sponsored by a consortium of banks doing business in the
county. The primary objectives of these programs are to facilitate
the creation, expansion, and retention of business activity within
Schenectady County, create employment opportunities, and expand
the County’s tax base.
Funding from $10,000 - $50,000 is available for both startup and
existing businesses. Business loans may be for the purposes of
working capital, equipment, inventory, and real property.
Repayment terms are flexible, depending on purpose and amount.
A modest application fee may be required in addition to legal and
origination fees. For more information, please review our Loan Guidelines. Security for loans is required and can be real estate, assets of
the business, co-guarantees, personal guarantees, assignment of
contract proceeds, or other acceptable assets.
In order to apply, a business owner must provide:
Resources are available to assist in the development of a business
plan by calling the Business Center. Information is also available
on line at Empire State Development Corporation’s web site
www.nylovessmallbiz.com or through the Small Business Administration
www.sba.gov.
Each of these programs has distinct eligibility requirements,
program standards, terms and conditions, lending policies and other
requirements. For complete information on these programs please
contact the Business Center to schedule an appointment with a staff
person.
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