Amount Available: $20,000 -$400,000
Matching Funds: Quantum Fund loans can provide a maximum of 50% of the project financing. The remaining financing may be bank financing, other private financing and owner’s equity. There must be sufficient collateral to secure all financing, so an owner’s equity contribution is strongly encouraged.
Interest and Terms:
The interest rate for GreeneCounty loans is 1⁄2 prime rate + 1%. The current rate is 2 5/8%.
$20,000-$50,000 – re-payment in up to 7 years.
$50,000-$100,000 – re-payment in up to 10 years.
Over $100,000 – re-payment in up to 15 years.
Job Ratio: Typical projects create a minimum of one full-time equivalent job for each $20,000 of Quantum Fund financing provided. Jobs created must be taken by or made available to low and moderate income persons.
All projects must demonstrate a need for below-market financing. The loans are not intended to replace available bank financing but instead serve as “gap” or “subsidy” financing. “Gap” loans are defined as those that provide funds needed to complete a total project that would otherwise not be available from other sources. “Subsidy” financing comes into play when sufficient funds are available from other sources, but the cost of these funds are at a level as to render the total project financially unfeasible. The economic development loan is therefore required for a lower total project funding rate.
Microenterprise Assistance Program (MAP)
Amount Available: Up to $25,000.
Minimum Equity Infusion: 10%. MAP funds may be used to fund up to 90% of the total project cost.
Interest and Terms:
Loans: The interest rate for GreeneCounty loans is 1⁄2 prime rate + 1%. The current rate is 2 5/8%. Loan terms may extend for up to five years.
Funding is continuously available through the County’s Revolving Loan Fund as long as there is money available. Completion of a satisfactory County Master Loan Application is required, along with County approval. Completion of a business training class is strongly encouraged, particularly for business start-ups and businesses with limited experience.
The Greene County MAP, administered by the Greene County Department of Economic Development, Tourism and Planning, assists in the establishment and expansion of small businesses that are start-ups or are in business and have five or fewer employees, one of which is the owner, and the creation of new jobs through business training, funding and technical assistance.
All business sectors – including manufacturing, retail, services, agriculture and tourism – are eligible for the program, which is open to:
Start-Up Businesses –These businesses must be owned by low and moderate income persons directly, and/or be businesses that will create additional jobs, the majority of which must be taken by or made available to low and moderate income persons.
Existing Businesses –Eligible businesses must have five or fewer employees, one of whom is the owner of the business. The business must either be owned by low and moderate income persons and/or create one or more new jobs, the majority of which must be taken by or made available to low and moderate income persons.
The MAP provides low-interest loans, and when available, deferred-payment loan funds, of up to $25,000 for job-creating projects in the County. The MAP assistance requires a minimum cash infusion of 10% of the total project cost, and can be used for acquisition, working capital, furniture, fixtures, equipment or any other reasonable business expense. Bank financing is not required in the MAP.
Quantum Fund Committee
Mark Maraglio, Chairman
National Bank of Coxsackie
Kevin Lewis, Legislator
Government Operations Committee (ED and Tourism Committee).
Linda Overbaugh, Legislator
Heart of Catskill Association (Greene County Legislature)
Karen Deyo, Realtor
Rip Van Winkle Realty
Stephen Nelson, Vice-President
The Bank of Greene County
Mark Evans, President
State Telephone Company
Eric P. Rasmussen, Owner
The Bank of Greene County Board Member