Chenango County ‘Revolving Loan Fund’ provides critical loans for businesses
NORWICH (WBNG) -- The Chenango County Planning & Development Department is helping businesses avoid financial burdens by offering a “Revolving Loan Fund” program.
Businesses could qualify for up to $150,000 in loan funding. This program helps businesses in need of critical funding or those looking to expand.
The money comes from the U.S. Department of Housing & Urban Development. The county has a little less than $400,000 in total funding to loan.
Director of Planning & Development Shane Butler said they also need to follow the HUD standard of one job created or retained per $35,000 for this program. He said the county has the capacity for three more loans as of right now.
What sets this loan apart from more typical ones is its flexible nature and cheaper interest rate.
“We have more flexibility as a government than a bank or lending institution,” said Butler.
The funds will be loaned at 75% of the prime interest rate. In some cases, the county will determine the interest rate depending on the business. This way, businesses have the ability to get the best deal for a loan, Butler said.
Butler said he hopes more businesses take advantage of this loan program in order to thrive without worry in the community.
If you’d like to apply for the program, you can visit the county’s Planning & Development website.
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