Commercial Business Loans--business loans range from $100 to $300,000. Most loans are in the area of $30,000 to $75,000. Loan amounts can be larger but there has to be sufficient job creation and sufficient collateral. Interest rate at the current time is 3.25% variable which means each year on the anniversary of the loan, prime rate is checked and if prime has increased the loan rate would increase. The term of the loan could be 2 to 15 years depends on the amount of the loan and the collateral.
Micro Enterprise Opportunity Loan - business loans range from $100 to $25,000 with a fixed rate of 3.25%. This program is for low to moderate income applicants. Applicant must have a written business plan with a Twelve Month Cash Flow Statement. Applicant must also meet three of the following standards: written business plan with positive cash flow (all applicants must meet this requirement), credit worthiness, collateral, equity contribution, experience and/or training.
Youth Entrepreneur Loan-- requirements would be the same as the micro enterprise loan. The loan is for youth ages 13 – 25. Ages 13 – 18 would require a parent to cosign the loan.
Small Farm and Crop loans—loans from $100 to $25,000 (with most being in the $3500 range) for the purchase of livestock, farm equipment, capital improvement for farm operation (such as fencing and/or barn repair), with the primary focus being on local food growth and sustainability. Repayment options and loan terms will be customized to meet the unique and individual needs of small crop/livestock farmers with the interest rate being adjustable annually based on NY Prime (currently at 3.25%)