The Cattaraugus County Economic Development Loan Fund offers business loans of up to $75,000 with a 7% fixed interest rate. Loan proceeds may be used for those projects that include equipment acquisition, inventory, property acquisition, materials and supplies, working capital (project related), and/or related labor costs.
Overview
- Loan of up to $75,000
- 5-7 year repayment period
- 7% fixed interest rate
- Job creation from loan proceeds is a requirement
- Gap Financing
Requirements
Each project is evaluated for available collateralization and the County will require a security interest as collateral for the loan. Generally, that may include equipment with UCC filings, mortgage on real property, etc.
Application
Complete applications include personal financial statements, credit report of the owner(s)/principal(s), a county loan application form, projected financials/pro forma, and completed business plan.