The Small Business Loan Program is designed to assist small business owners, in conjunction with other financing, in the acquisition of machinery and equipment which will be used for the startup and/or expansion of the business.
The purpose of the program is to provide gap financing to eligible and viable projects. The OECD will make available loans at 3% interest to eligible applicants.
All proposed projects must create meet one or more of the following criteria:
Create or retain jobs for low and moderate-income persons.
Contribute to the revitalization of distressed areas of the City.
Located in a low or moderate-income area and provide a service and/or product that is needed in the community and will have a positive impact on the community.
Provide a service and/or product that is beneficial to principally low and moderate-income clientele.
A new round of funding is available for qualified homeowners and landlords.
Applications are available in the Office of Economic and Community Development located at 16 James Street, 3rd Floor, Middletown, NY 10940