Low-Interest Loans and Incentives
Greene County Planning and Economic Development delivers a full continuum of loan and grant programs to help businesses succeed in Greene County. Our highly successful Microenterprise Assistance Program is ideal for entrepreneurs and small businesses and offers small business loans of up to $25,000, while our Quantum Fund offers loans up to $400,000. For even larger deals, we have an extensive network and the support and experience to tap into state and federal funding sources to make projects work. Our award-winning Main Street Revitalization Program helps restore historic buildings and has completed over 100 projects, breathing new life into our historic Main Street areas.
Financial incentives and low-interest loans from the county and state are available through our Revolving Loan Program, which provides financing for acquisition, renovation, working capital, furniture, fixtures and equipment.
economic dev: loans
Fast-growing New York Spring Water has used Quantum Fund loan assistance to turn the natural spring water of the Catskills into a product that is now receiving regional, national and international distribution. The company has doubled its employment in Halcott, and plans to double it again.
Quantum Fund
Amount Available: $20,000 -$400,000
Matching Funds: 50% match required
Interest and Terms:
- 1⁄2 prime rate + 1%
- $20,000-$50,000 – repayment in 7 years
- $50,000-$100,000 – repayment in 10 years
- Over $100,000 – repayment in 15 years
Job Ratio: 1 Full-Time Job for each $20,000 of Quantum Fund financing requested
Download Application
Download Quantum Fund Policies and Procedures
Program Description
Quantum Fund loans are available for up to 50% of the funding needed for a business expansion. Each borrower must create at least one permanent full time job (or its equivalent) for each $20,000 loaned from the Quantum fund. Repayments of loans are placed in a County revolving loan pool (the Quantum Fund) and additional loans are made to more businesses.
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.
KidZone owner Sarit Saad stands behind the counter at her business in Cairo. Assisted with MAP funding, the former Israeli Army officer has become the owner of a Main Street business for children’s play and development here in Greene County.
Microenterprise Assistance Program (MAP)
Amount Available: Up to $25,000
Minimum Equity Infusion: 10%
Interest and Terms:
IMPORTANT NOTICE
Greene County has received funding from the NYS Office of Community Renewal for the County to administer grants for eligible microenterprise businesses. Grants are now available on a first-come, first-served basis, as long as grant funds are available to the county. The maximum grant is $25,000, matching funds are required, job creation is required, and completion of a small business training class is required. Please make inquiry to determine if you would qualify and to complete our Master Loan Application.
Loans: Interest Rate is one-half of the current prime rate plus 1%. 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.
Download Application
Download Brochure
Program Description
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 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 industry, 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 owner by low and moderate income persons 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, renovation, working capital, furniture, fixtures, equipment or any other reasonable business expense.
Since its inception in 2003, Greene County's Main Street Revitalization Program has awarded more than $350,000 in matching grants to more than 130 projects spanning the entire county. It has played a role in restoring historic hotels, restaurants, firehouses and other Main Street buildings.
Main Street Revitalization Program
Amount Available: Up to $7,500
Matching Funds: 50% match required
Interest and Terms: No repayment necessary
Download Application
Download Design Guidelines
Program Description
The Main Street Revitalization Program (MSRP) offers matching grants covering up to 50% of a project’s cost as well as technical assistance for improvements along traditional Main Streets throughout Greene County. The Greene County Legislature has provided funding on an annual basis since 2003 for projects that will spur additional private investment and job creation along the county’s Main Streets, helping to restore and enhance our Main Streets as hubs of economic activity and commerce in Greene County.
Funding for 2010 is awarded on a case-by-case basis, through an application process, where projects are reviewed for their economic development and job creation potential. The 2010 MSRP focus is on the renovation and restoration of vacant or underutilized buildings where the MSRP public funds contribute to or leverage the improvement of commercial space allowing a business to locate or expand so jobs can be created.
Renovation and Restoration grants of up to $7,500 are awarded, while Public Sign Enhancement and Infrastructure Improvements are funded up to $2,500. All categories will provide up to 50% of the project cost for the approved improvements.
In addition, the County works with local not-for-profit agencies to access New York Main Street funding for communities that currently have it, using the same application. Funding is currently available for New York Main Street projects in targeted sections of Main Streets in Catskill, and the County has worked with Cairo and Tannersville in previous funding cycles.
Greene County also works with local municipalities to create Main Street Development Strategies for revitalization and redevelopment. Technical assistance and cost-sharing is provided through Greene County Economic Development, Tourism and Planning for consultant selection and the creation of the strategies. The strategies focus on assessing the current conditions of the buildings and streetscape, examining the economic conditions of the area, and providing strategies to foster business and residential reuse and growth. The County has worked with the Town and Village of Catskill and the Town of Cairo on Main Street Strategies in the recent past, and is currently assisting the Town and Village of Coxsackie.
The County can also assist with applications for business development through its Quantum Fund and Microenterprise Assistance Program for Main Street projects.