Ulster County is proud to launch the Ulster Equity Small Business Recovery Loan Program as part of the New York Forward Loan Fund (NYFLF) announced by Governor Cuomo on May 22, 2020 to offer stabilization loans to Ulster’s women and minority-owned businesses, along with businesses in low- and moderate-income census tracts, that were impacted by the COVID-19 pandemic. The monies, targeted at stabilizing small businesses and non-profits, are made possible by a $100,000 investment by Ulster County Economic Development Alliance (UCEDA) in partnership with the National Development Council (NDC). The minority and women-owned businesses do not have to be certified by NYS and may be self-identifying. Other businesses will be eligible after minority and women-owned businesses and those in qualifying areas are given priority.
Loan Program Details
- Up to $100,000 loan for businesses with no more than $3M in gross revenues; no minimum amount.
- No application or loan fees
- 5-year or 60-month term (interest-only payments first 12 months; principal and interest payments months 13-60)
- 2% interest rate for non-profits; 3% interest rate for small businesses
- Designed to address needs unmet by federal loan programs such as PPP
- “Survival and working capital” over longer-term, i.e. operations, rent, supplies [including PPE], purchases of materials
- Minority and Women-Owned For-Profit and Not-For-Profit Employers with less than 20 employees, in operation for at least one year
- Impacted by COVID-19 and haven’t accessed federally-backed programs
Ulster Equity Loan Program Application This link will bring you to the NY Forward loan website, where you can apply for funding. When you complete your application, be sure to select NDC as the loan administrator.
PPP Grant Program From Ulster County IDA (grant application will be posted by 7/16/20) Ulster County Industrial Development Agency (UCIDA) will provide up to $5,000 to organizations currently working with UCIDA or UCCRC and $2,500 for other organizations to purchase of PPE or be reimbursed for purchases after March 16, 2020.
Ulster Equity is a partnership under the New York Forward Loan Fund by: