J.C.I.D.A. Microenterprise Revolving Loan Fund
The purpose of the J.C.I.D.A. Microenterprise Revolving Loan Fund is to establish and create job opportunities in small businesses in all sectors of the local economy. The Program provides equal access to public loan funds and stimulates small business development activity, through start-up and expansion projects. The program targets businesses that create and retain job opportunities, for low to moderate income residents. Types of eligible businesses will include manufacturing, retail, service, tourism, and agriculture.
Loan proceeds shall be used by the borrower for the acquisition of machinery and equipment, termed out working capital, furniture, fixtures, and real property. Loans will be up to $40,000 ( including any amounts provided for technical assistance), and will not exceed 40% of total project costs, which ever is less. Generally, loans will carry a fixed interest rate of 60% of the prime rate to prime plus one to one and one half percent. The term of the loan shall not exceed twelve (12) years.
The Microenterprise RLF is administered by the Jefferson County Job Development Corporation. The JCJDC strongly encourages applicants to obtain the assistance of the Jefferson Community College Small Business Development Center.
Contact:
James Fayle at (315) 782-5865
Eligibility Criteria
1. Businesses having five (5) or fewer employees including the owner(s).
2. Cash equity participation of at least 10% of the total project costs.
3. Microenterprise business owners must be income-eligible or plan to create jobs that will be held by income eligible individuals.
Five (5) completed and reviewed applications
are due the first day of the month and are reviewed by the board on the first
Thursday of the following month. Five Application fee of $50.00 is payable to
the JCIDA at the time application is submitted.
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