Regional Revolving Loan Trust Fund Program (RRLTF)

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Objective

Objective

The RRLTF offers working capital loans to small businesses of up to $100,000 or 90% of the total project cost, whichever is less.

Loan terms, interest rates and collateral requirements are determined by the administering corporations and their loan committees.  

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Overview

Overview

Empire State Development (ESD) has capitalized Regional Revolving Loan Trust Fund (RRLTF) programs operated by regional not-for-profit organizations in New York State for the purpose of making working capital loans to small businesses located within New York state that generate economic growth and job creation and are unable to obtain adequate credit or adequate terms from commercial lenders.

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Eligibility

Eligibility

Priority is given to projects which:

  • Create or retain jobs
  • Are located in distressed areas
  • Are owned by minority or women entrepreneurs or firms which employ minorities, women or displaced workers
  • Leverage other public and or private dollars

How to Apply

Application Process
The organizations which manage RRLTF programs conduct their own loan fund marketing, intake, applicant screening, credit analysis, closings and loan servicing.  A written business plan, business and personal financial statements and financial projections are required of all applicants.

Contact Information
If you require loan assistance, please contact the administering corporation nearest you: 

NORTH COUNTRY REGION
The North Country Alliance Development
c/o the Development Authority of North Country

Michelle Capone, Program Manager
317 Washington Street
Watertown, NY 13601
Tel: (315) 661-3200
Website: www.danc.org
Email: mcapone@danc.org
Service areas: Clinton, Franklin, Jefferson, Lewis, Essex, and St. Lawrence counties

MOHAWK VALLEY REGION
Mohawk Valley Rehabilitation Corporation (MORECO)

Stephen R. Smith, Executive Vice President & CEO
26 West Main Street - PO Box 69
Mohawk, NY 13407
Tel: (315) 866-4671
Fax: (315) 866-9862
Website: www.mvedd.org
Email: info@mvedd.org
Service areas: Fulton, Herkimer, Montgomery, Oneida, Hamilton, and Schoharie counties

CENTRAL NEW YORK REGION
Central New York Regional Planning & Development Board

Michael Rosanio, Regional Loan Manager
100 Clinton Square – Suite 200
Syracuse, NY 13202
Tel: (315) 422-8276
Fax: (315) 422-9051
Website: www.cnyrpdb.org
Email: mrosanio@cnyrpdb.org
Service areas: Cayuga, Cortland, Madison, Onondaga, and Oswego counties

SOUTHERN TIER REGION
REDEC/REDEC Relending Corporation

George Miner, President
8 Denison Parkway East
Corning, NY 14837
Tel: (607) 962-3021
Website: www.redec.us
Email: gminer@redec.us
Service areas: Broome, Chemung, Chenango, Delaware, Oswego, Schuyler, Steuben, Tioga and Tompkins counties

WESTERN NEW YORK REGION
The Western Region Corporation

Richard Zinc, Executive Director
4039 Route 219, Suite 200
Salamanca, NY 14479
Tel: (716) 945-5301
Website: westernregioncorp.org
Email: rzink@southerntierwest.org
Service areas: Niagara, Erie, Chautauqua, Cattaraugus and Allegany counties

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For Lenders

For Lenders

If your organization is interested in becoming a participating lender in the Regional Revolving Loan Trust Fund program, please register for the NYS Contract Reporter in order to receive a notification when the funding opportunity becomes available.

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Regulations

Regulations

Empire State Development invites the public to comment on proposed changes to the regulations concerning the Regional Revolving Loan Trust Fund Program.  The proposed changes, reflected in the PDF document below, modify the procedures for selecting program lenders, changes the procedures concerning management of program funds by lenders, and allows lenders to make loans of greater value, for additional uses, to qualifying businesses.  If you would like to provide comments on the proposed changes, please send them to Thomas.Regan@esd.ny.gov no later than June 03, 2018.