Financing for growth
Revolving Loan Fund
The Finger Lakes Economic Development Center helps in the aid and support of local economic development projects by providing financial assistance in the form of the Yates County Revolving Loan Fund (RLF). The mission of the Yates County RLF is to provide high-quality employment opportunities for people within Yates County. To achieve this goal, the Yates County RLF makes available supplemental loans at interest rates below market standards for manufacturers and other businesses that meet the criteria for the program. Revolving loan funds are set at a fixed rate of 80 percent of the prime interest rate, currently 5.0 percent.
Requirements:
Must be a Yates County business and project
RLF made in support of primary bank financing
10 percent owner equity in the sponsored project
Capital investment oriented
Project creates or retains jobs
Loan must be repaid in 5 years
Click Here for our Revolving Loan Fund Application
Entrepreneurial Fund
The mission of the entrepreneurial fund is to provide high quality employment opportunities for people within Yates County by helping new business ventures get off the ground. To achieve this goal, the fund makes available supplemental loans at interest rates below market standards for businesses that have been in operation for less than 2 years that are looking to foster growth. Entrepreneurial loans are set at fixed rate of 80 percent of the prime interest rate, currently 5.0 percent.
Requirements:
Must be a Yates County business and project
Entrepreneurial fund made in support of primary bank financing
10 percent owner equity in the sponsored project
Capital investment oriented
Project creates or retains jobs
Business cannot be in operation for more than 2 years
Loan must be repaid within 5 years
Click Here for our Entrepreneurial Fund Application
Agriculture Loan Fund
Agriculture is the largest industry in Yates County and it is vital that programs are available to help maintain operation and foster growth. The FLEDC agricultural loan fund is available to local farmers and agribusinesses who are interested in making improvements and enhancing business operations within Yates County. Additionally, organic farming has reached a critical mass in Yates County, with over 40 organic farms and businesses, a number that grows larger every year. Several different types of organic producers already grow hay, grain, milk and other products for sale to buyers inside and outside of the region. This is vital, as it allows existing local organic farmers, as well as farms looking to transition to organic, the resources they need to operate organically. The Finger Lakes Economic Development Center has roughly $1 million to give out in loans (1 percent interest) to help develop the organic and viticulture industries in Yates County. Our Agricultural Loan funds are fixed at 1.0 percent.
Requirements:
Must be a Yates County business and project
Must have support of primary bank financing
Project creates or retains jobs
Loan must be repaid within 5 to 7 years
