Commercial District Revolving Loan Trust Funds
Program Purpose
ESD has capitalized over $600,000
making funds available to five community-based corporations
to administer and make loans to small retail and service
businesses in their service areas.
The two primary forms of assistance
are:
Working capital loans
of up to $15,000 for terms not to exceed 5 years.
Loans may be used for, but not limited to:
upgrading display lighting, advertising and
promotion, payroll for additional staff and training,
purchase of computers to enhance inventory control, and the
purchase of display cabinets, furniture and fixtures.
Fixed asset loans of
up to $20,000 for terms not to exceed 7 years.
Loans may be used for, but not limited to:
acquisition or improvement of real property,
including interior improvements and remodeling, building
façade improvements and signage.
Eligibility
Eligible applicants include
for-profit retail, professional or commercial service
businesses with 50 or fewer full-time equivalent employees,
located within the specific service delivery area served by
the administering corporation.
Eligible uses of working
capital loans include inventory, upgrading display lighting,
advertising and promotion, payroll, computer hardware and
software, display cabinets, furniture and fixtures.
Borrowers must have at least
a 10% equity interest in the project or business.
The administering corporations that manage the Revolving Loan Trust Funds conduct their own program marketing and intake, screening, credit analysis, closings and loan servicing.
Pertinent Dates
Applications are accepted on a continuing basis by the administering corporations.
State Agency
ESD
Contact Information
Please contact the community-based economic development organization nearest to you.
Marion Samuels (212) 803-3664
The five active CDRLTF Administering Corporations are:
Credit, Inc. c/o SOBRO
Bronx, NY 10455
Service Area: The Grand Concourse and major commercial strips intersecting the Grand Concourse in the Bronx, from 138th Street in the south to Fordham Road in the north, and from the Major Deegan Highway in the west to Bruckner Boulevard/Bronx River Parkway in the east, Bronx County.
rcoarsmith@sobro.org
160 Heberton Avenue
Service Area: Port Richmond Avenue between Richmond Terr. and Walker Ave., and Richmond Terr. between Port Richmond Ave. and Maple Ave., Richmond County
Contact: Ms. Michelle Sledge
City Hall, Room 7
Schenectady, NY 12305
518/382-5147
Service Area: Most commercial strips in Schenectady, Schenectady County.
Contact: Ms. Sharon Hauenstein
Shauenstein@schenectadyny.gov
Chenango County Area Corporation
19 Eaton Avenue
Norwich, NY 13815
Service Area: Route 12 in the City of Norwich from Canasawacta Creek to Borden Ave., and portions of E. Main St., American Ave., Park Pl., and Eaton Ave., Chenango County
Rome Industrial Development Corporation
139 W. Dominick Street
Rome, NY 13440
315/337-6360
Service Area: Downtown Rome, including portions of No. James St., E. Dominick St., Erie Blvd. E., and Freedom and Liberty Plazas, Oneida County
Contact: Mr. Peter Zawko