Microenterprise Program

The St. Lawrence County Microenterprise Loan Program provides financing assistance to low-moderate income persons in St. Lawrence County to start or expand their microenterprise businesses (i.e. businesses with five or fewer employees, one of whom is the owner).

Program Guidelines

St. Lawrence County Industrial Development Agency – Local Development Corporation Microenterprise Fund

Area of Eligibility:
Microenterprise businesses located in St. Lawrence County.

Eligible Businesses:
Firms with 5 or fewer employees, at least one of whom is the owner. All business types are eligible with the exception of restaurants, bars, taverns or similar establishments.

Loan Amount:
Between $1,000 and $20,000.

Use of Funds:
Machinery, equipment, property improvements and rehabilitation and some working capital.

Rates & Terms:
Interest rate fixed at one point below prime, or at 4%, whichever is greater. Terms will generally be three years for working capital, five years for machinery and equipment, and ten years for property improvements.

Equity Participation:
Equity requirements are determined on a project-by-project basis. Loans over $8,000 require a 50% contribution from the applicant in the form of equity, loans, third party investments, or other sources.

Bank Participation:
The LDC encourages participation from other lenders including conventional lending institutions. When other lenders do participate, the LDC loan may be subordinated to the interests of other lenders.

Application Considerations:
The purpose of this loan fund is to provide loans to low-moderate income persons in St. Lawrence County to start or expand microenterprise businesses. As such, the primary goal of the program is to stimulate the inception and growth of private sector businesses owned and operated by low-moderate income persons, or that create new jobs for such persons.

Fees:
There is no application fee, but the applicant is responsible to pay closing costs.

Review Process:
The review process should take no longer than 8 weeks after the submission of the completed application.

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