Sullivan County offers credit facilities to entrepreneurs

Sullivan County businesses now have the opportunity to get their hands on a slice of a $600,000 pie through the Sullivan County Revolving Loan Funds.

According to the Sullivan County Division of Planning, there are four different revolving credit program funds that help entrepreneurs start or expand businesses.

Cochecton Fire Station co-owner Zeke Miller had to jump on the opportunity.


what you need to know

  • Loans range from as much as $10,000 to $100,000, depending on criteria, according to the Sullivan County Planning Division
  • Interest rates on all loans are 1% below the base rate, with a minimum of 2% and a maximum of 6%.
  • The registration fee is $50

“Initially, I went to the Sullivan County Department of Planning and met Jill Weyer, and she taught a class called ETP. It’s an entrepreneurial training program,” Miller said.

According to Miller, the program was a two-month course the county offered to encourage entrepreneurs to learn how to properly prepare a business plan and present it to the planning committee.

Miller took the course, learned the skills, and received two loans. The first was for $25,000; the other $12,500.

“It helped a lot because the first one was just a small step and raising finance, working capital to buy everything that needs to be bought for a restaurant. You know, the counter, the refrigeration units and so on. Like it’s all adding up very quickly,” Miller said.

John Kiefer, credit counselor with the Sullivan County Division of Planning, said entrepreneurs need to take a few steps before receiving the loan.

“The first step is to contact me and discuss the project with me. And I’m going to tell them, based on my experience with the board, if it’s something that fits within the parameters that we have, and those parameters are set by the state,” Kiefer said.

There is also a $50 registration fee.

Kiefer said the money for the loans came from a grant given to the county more than a decade ago. Kiefer emphasized that the district is not a substitute for a bank. In fact, it works with them.

“It’s designed to fill the gap that exists between what a bank is going to do and the basic needs of a new borrower,” Kiefer said.

Kiefer said when looking for the right candidate, he looks for someone with leadership experience and a thorough business plan.

According to the Sullivan County Planning Division, the loans range from as much as $10,000 to as much as $100,000 depending on various criteria, including the percentage of equity involved, the number of jobs created and the location of the company. Interest rates on all loans are 1% below the base rate, with a base minimum of 2% and a maximum of 6%.

source

Leave a Reply

Your email address will not be published. Required fields are marked *