Rome Industrial Development Corporation
SBA Microloan Fund
OVERVIEW
The US SBA Microloan Fund is designed to provide financial assistance to stimulate economic development within central and western Oneida County. Funds are made available through the U.S. Small Business Administration as a means to assist businesses to increase sales or employment as well as modernize, stabilize, or expand business operations.
SERVICE DELIVERY REGION
The following townships and cities within Oneida County are included:
Town of Annsville; town of Camden; town of Florence; town of Floyd; town of Lee; town of Rome; town of Vernon; town of Verona; town of Vienna; town of Western; town of Westmoreland; City of Rome; and City of Sherrill.
ELIGIBLE BUSINESSES / PROJECTS
Any startup or existing for-profit industrial, commercial, professional, or retail business authorized to do business in New York State and operating out of a fixed location within the Service Delivery Region may apply for funding (if unsure of your eligibility, please contact RIDC). Only working capital loans are available but the borrower must supply at least 10% equity into the project (minimum of $1,000 or equivalent). Maximum project cost is $25,000; maximum loan amount is $22,500 (less 10% equity).
Working capital loans may be used for inventory, machinery and equipment (fixed or non-fixed), furniture, fixtures, and other non-fixed assets. Upgrades to existing non-fixed assets are allowed as well as loans for advertising, promotions, training and technology; term will not exceed six (6) years, depending upon the use of the loan.
INELIGIBLE PROJECTS
No refinancing of existing debt including tax arrears; lines of credit; or the purchase/down payment for purchase on real estate.
RATES & FEES
The interest rate will be based upon the highest US prime interest rate as published in the Wall Street Journal on the first business day of the month preceding the date of loan closing. The rate will be fixed for the entire term of the loan.
A NON-REFUNDABLE APPLICATION FEE OF $100 IS DUE AT TIME OF APPLICATION
The borrower is also responsible for all costs associated with the loan such as, but not limited to, closing costs, filing fees, taxes, legal expenses, insurance, and collection costs.
COLLATERAL REQUIREMENTS
RIDC may require collateral for any loan; acceptable collateral may be any business or personal fixed asset, fixtures, equipment, accounts receivable, inventory or other non-fixed asset as deemed appropriate. Personal guarantees of all owners of the business will be required; co-signors may be required.
RIDC is committed to the success of our borrowers. We have a streamlined lending process/procedures as well as ongoing assistance offered through our counseling/mentoring program.
Applications are available from RIDC upon appointment and review of the business plan/project proposal. Call 315-337-6360 or e-mail for your appointment today!
Other RIDC Revolving Loan Funds »
RIDC Lending Process »
For more information, contact:
Rome Industrial Development Corporation
153 Brooks Road
Rome, NY 13441
315-338-0393
Fax 315-338-5694
mkaucher@mvedge.org
pzawko@mvedge.org