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 2.8%.

Requirements:

  • Must be a Yates County business and project
  • RLF made in support of primary bank financing
  • 10% 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 a fixed rate of 2.8%.

Requirements:

  • Must be a Yates County business and project
  • Entrepreneurial fund made in support of primary bank financing
  • 10% 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

Agricultural 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 producer’s 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% interest) to help develop the organic and viticulture industries in Yates County. Our Agricultural Loan funds are fixed at 1.0%.

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

Click Here for our Agricultural Loan Fund Application

Micro-Enterprise Fund:

The Finger Lakes Economic Development Center has partnered with Our Town Rocks in the Town of Dundee to provide Micro-Enterprise loans for residents of Dundee, Starkey and Barrington. The program aims to improve the health and wellness of individuals living around Dundee through economic growth. Grants of up to $3,000 will be awarded from the Our Town Rocks grant fund with an additional $10,000 in funds available through low-interest loans through the FLEDC. The FLEDC loan approval process is separate from the Our Town Rocks grant approval process, but the funding is meant to work together to provide the financing necessary to allow business growth in the Dundee/Starkey/Barrington areas and ultimately improve community health and wellness. The Micro-Enterprise loan portion is fixed at 2.8%.

Requirements:

  • Must a business/individual located or living in the towns of Dundee/Starkey/Barrington
  • Must pay back loan within 2-5 years depending on size of the loan
  • Must provide quarterly reports and annual financial statements to the FLEDC

Click Here for our Micro-Enterprise Loan Fund Application