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Financial Resources A vast array of financial incentives and financing programs exist to aid businesses in locating or expanding in Montgomery County. These include local, state and federal programs which can be contacted directly, or to which the Chamber of Commerce can refer your business. Please see below what The Chamber can offer you: Chamber Markets Loan Fund OptionsDon’t forget that The Chamber has two low interest loan funds available for business start-up and expansion; the Downtown Association For Business (DAB) Loan Program and Rural Business Enterprise (RBE) Loan Program. The DAB program provides loans up to $25,000 to assist new or expanding businesses located in selected areas in the City of Amsterdam. The interest rate is 3%, and at least one full time job should be created. The loan will cover up to 75% of costs, with 25% coming either from the owner or loans from other sources. The loans will be primarily made for buildings, land, fixed assets and capital equipment items. The prospective borrower must fill out an application form and include a business plan. The RBE program provides loans up to $50,000 to assist new or expanding businesses located anywhere in Montgomery County outside the City of Amsterdam. The interest rate is 1% below prime, and at least one full time job should be created for every $25,000 in funds loaned. The loan will cover up to 49% of costs, with 51% coming either from the owner or loans from other sources. The loans will be primarily made for buildings, land, fixed assets and capital equipment items. The RBE program is managed by the Montgomery County Partnership, which reviews and approves the prospective loans. Final loan approval is required by the U. S. Department of Agriculture, through its local office in Johnstown. Call 853-1800, ext. 11 for more information or an application. |
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PO Box 836, 12 South Bridge Street, Fonda, NY 12068
1-800-743-7337 TEL (518) 853-1800 FAX (518) 853-1813 |
