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Loans set to help local entrepreneurs in Sullivan County

Posted 10/28/22

MONTICELLO — Sullivan County currently has $600,000 that it’s eager to hand out to local businesses.

“Our Revolving Loan Fund (RLF) has helped many entrepreneurs start or expand …

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Loans set to help local entrepreneurs in Sullivan County

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MONTICELLO — Sullivan County currently has $600,000 that it’s eager to hand out to local businesses.

“Our Revolving Loan Fund (RLF) has helped many entrepreneurs start or expand their dreams,” notes RLF Manager John Kiefer. “We do not want money sitting in this fund – it’s designed to recirculate in the community, supporting the preservation and growth of agriculture and the revitalization of our many downtowns.”

All a business or entrepreneur needs to have before they apply is a business plan and $50 for the application fee. Once reviewed for comprehensiveness by the Division of Planning, the application is sent to the RLF Advisory Board for consideration. If recommended by the Board, it’s given to the County Legislature for approval. From start to finish, qualifying applicants typically have funds in hand within less than six months.

Rates are no higher than 6%, and loans can be used to fund up to 90% of a project. For certain projects which meet the objectives of the County’s Agriculture and Farmland Protection Program or applicants who participate in an Entrepreneurial Training Program, up to 25% of the loan may be forgivable, essentially becoming a grant.

“I encourage anyone who’s interested to give John or me a call. We’d be happy to talk about the program and their project, and may be able to connect people with other assistance such as business planning help, potential grants, staff training and recruitment, and incentives for energy efficiency improvements,” says Deputy Planning Commissioner Jill M. Weyer. “And we don’t charge for our services!”

Questions are welcome at (845) 807-0527 or john.kiefer@sullivanny.us.

For further information, visit sullivanny.us/Departments/PlanningEnvironmental/ TechnicalAssistanceFundingPrograms

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