There are a number of local and regional loan programs to assist businesses grow. Below is a list of the local programs - in addition, there are NYS funds offered which EDC Warren County can assist you with as well.
Warren County Rapid Recovery Loan Fund – Warren County LDC
Eligible Entity: Any Sole proprietor, independent contractor, self-employed person, LLC, corporation operating within Warren County impacted by the COVID-19 pandemic and who has not received Payroll Protection Plan (PPP) or other loans.
Details: Warren County Local Development (WC LDC) has developed a loan program to support Warren County small businesses impacted by the coronavirus pandemic. Can be used for working capital, payroll, rent, utilities, mortgage and monthly expenses. Other details:
- For-profit Warren County businesses with 20 or fewer full-time (or full-time equivalent) employees
- Loans up to $ 15,000* (Board reserves the right under special conditions to undertake small variation to this amount)
- 4% interest per annum
- 12-48 months : No Prepayment Penalty
- Loan payments(principal and Interest) will be deferred for first two months
- Must be in business for at least 2 years
- Personal guaranty of business owner(s)
Economic Development Loan Fund (EDLF) – Warren County LDC
Eligible Entity: Small businesses located in Warren County
Details: Primary objectives of the Economic Development Loan Fund are to assist in the establishment and expansion of business activity within Warren County, create and stabilize employment opportunities in the County, and preserve and expand the County’s tax base.
For a copy of the application click here.
Lake Champlain Lake George Regional Planning Board Revolving Loan Fund
Eligible Entity: Small and medium sized businesses in LCLGRP district (Warren, Washington, Hamilton, Essex, Clinton counties)
Details: Fixed asset loans for acquisition & improvement of land, buildings, plant & equipment; including new construction or renovation of existing facilities; Working Capital Loans for the start-up of new business or expansion of existing business.
Adirondack Economic Development Corp. Micro-Loan Program
Eligible Entity: Small sized businesses located within Adirondack Park.
Details: General Business Micro-Loan Program – $500 – $35,000 to be used for the purchase of business assets (except real estate) and Working Capital.
Community Loan Fund Capital Region – Micro Loan Fund
Eligible Entity: Small businesses that are locally owned by persons of low-income (defined as below 80% of the area HUD median, adjusted for family size); or minorities (MBEs); or women (WBEs).
Details: Real property – acquisition or improvement Equipment or inventory Cash flow or working capital Energy-efficiency and green technology initiatives, improvements. Participation loans with other lenders are considered on a case-by-case basis. Other special products and programs are periodically available
Small Business Administration 504 Loan
Eligible Entity: Small – Medium Business – Net worth of less than $8.5M and net profit of less than $3M (average over the last 2 years).
Details: Land acquisition & improvements; building acquisition and/or construction; machinery & equipment.
Small Business Administration 7A Loan
Eligible Entity: Small Business
Details: Purchase land or buildings for new construction and/or expansion, purchase of equipment, machinery, furniture, fixtures, supplies or materials; long-term working capital including the payment of AP and/or the purchase of inventory; short-term working capital including seasonal financing, contract performance, construction financing and export production.
NYS Linked Deposit Program
Eligible Entity: Manufacturing with 500 or fewer employees, service businesses with 100 or fewer employees and companies located in highly distressed areas with 100 or fewer employees and businesses with a 100 or fewer employees undertaking a plan to increase the business’s export abilities
Details: Link Deposit Program helps existing NYS firms obtain reduced-rate financing to undertake projects to improve competitiveness, market access and product development; modernize equipment and or expand facilitates for productivity growth; facilitate ownership transition; and promote job creation/retention
Job Development Authority (JDA) Direct Loan Program
Eligible Entity: Facilities to be used for manufacturing, distribution, warehousing and certain service businesses are eligible for JDA loans. Loans for retail facilities, which customers must personal visit in order to obtain the goods or services being sold, are not eligible.
Details: This program provides Direct Loans for the growth of manufacturing and other eligible businesses by assisting in financing a portion of the cost of acquiring and renovating existing buildings or constructing new buildings or for purchasing machinery and equipment.