Fulton County offers project financing and is able to guide you through the process of identifying the resources available to your business.
Revolving Loan Guidelines
Job creation is a major goal of the pool. The loan to job ratio is up to a maximum of $15,000/job created and/or retained. That ratio is determined by the FCCRG on a case-by-case basis. The pool may finance between 15-25% of eligible project costs. The project owner will be required to invest a minimum of 10% of project costs as equity. Eligible project costs include the acquisition of real estate and/or capital equipment. Interest rates are determined solely by the FCCRG based upon the strength of the project, current market conditions and strength of the collateral offered. Terms will be flexible, but will mirror the economic life of the assets acquired with loan proceeds.
CDBG Microenterprise Grant Program
The CDBG Microenterprise Grant Program is a grant program to assist small businesses. This grant was awarded to Fulton County and is being administered by the Fulton County Center for Regional Growth. Small businesses can receive grants of up to $25,000 to assist with startup or expansion costs which create jobs.
Gloversville Economic Development Corp. (GEDC)
The Gloversville Economic Development Corporation provides funding for entrepreneurs starting or expanding businesses in Gloversville. The primary focus of their financial backing effort has been in the downtown area. The GEDC often provides the last or missing piece of funding to projects that may not be able to completely fulfill their financing needs through traditional bank or other loans. Administered by the Fulton County Regional Chamber of Commerce & Industry.