LOAN FUNDS
Warren County has recently received funding under the Governor's Office for Small Cities, Community Development Block Grant Program. This funding will make both loan and training funds available to small businesses located throughout Warren County, with special focus on businesses within the First Wilderness Heritage Corridor.
Training is required in order to be elibible for Loan funds. A 12-week business planning course with the Warren County Small Business Assistance Program is typically offered in the fall and spring at Crandall Library in Glens Falls. This training covers all aspects of business planning. Facts about the Loan Program are as follows:
Topic |
Details |
|---|---|
| Area of Eligibility | Warren County |
| Eligible Business | For profit businesses (program emphasis will be on MicroEnterprise - less than five full-time employees). Investment, specultation or realty ownership businesses are ineligible. |
| Use of Funds | Start-up or expansion of an existing business, any eligible business expense. |
| Loan Amount | $1,000 to $35,000 |
| Terms and Rates | Will correspond to the use and amount of funds: 1-3 years for working capital, 3-5 years for equipment, up to a maximum term of 7 years. A loan review committee will determine terms and rates based on risk, collateral and loan purpose. |
| Application Requirements | Completed application form, completed business plan, personal financial statements, authorization to investigate credit, bank declination. (Other documentation will be required as applicable) |
| Application Consideration | Demonstrated benefit to low and moderate income persons, job creation, community impact, borrower equity and credit history. |
| Fees | No application fee. Some closing costs and the cost of performing credit check may be charged to the applicant (depending on eligibility). |
| Review Process | A loan review committee make sfinal determination on all loan applications, deadline for completed
packages is 15 days prior to teh next scheduled meeting. Staff determines completeness of packages.
Applications are accepted on a continuous basis and can be submitted to:
Warren County Planning Department 1340 State Route 9, Lake George, NY 12885 |