Revolving Loan Funds
The Ulster County Development Corporation offers low-cost, flexible financing through countywide and municipal Revolving Loan Funds (RLFs). RLFS are financing tools for communities to provide loans to local businesses, which in turn, create jobs and leverage other private investment, while helping a community diversify and stabilize its economy.
While RLFs are frequently created through grants from the federal or state government, the RLFs are locally administered. All decisions are made in the community and as loans are repaid to the RLF, the funds are available for additional lending to other local start-up or expanding businesses.
The RLFs were created to fill the gap between what a business' finance needs are and what can be borrowed. Working in partnership with local and regional banks and other lenders, the RLFs can help to complete a business' financing package by offering fixed rate, low interest loans, revolving lines of credit or loan guarantees. In addition, by blending a lower RLF interest rate with traditionally higher conventional lender rates, the overall financing costs may be lower.
The RLFs support projects that lead to the retention or creation of private sector jobs and leverage public and private investment in municipalities of Ulster County.
Note that RLFs have an application fee, closing costs and attorney fees.
Contact Melinda Beuf
(845) 338-8840
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Ulster County USDA Intermediary Relending Program Loan Fund: Provides financial assistance to businesses within the boundaries of Ulster County. Loans are available for up to fifty percent (50%) of the total project cost, up to a maximum of $150,000. The interest rate is four percent (4%). Loans must help create and/or retain jobs. Please Click Here for more details. |
Ulster County Revolving Loan Funds: Provides financial assistance to businesses within the boundaries of Ulster County. Loans are available for up to fifty percent (50%) of the total project cost, up to a maximum of $75,000. The interest rate is four percent (4%). Loans must help create and/or retain jobs.
Lending Priorities as adopted by the Ulster County Revolving Loan Fund Committee on 8/14/2007:
- Loans for businesses that are retaining or expanding jobs in the areas of niche manufacturing, advanced technology, “clean tech”, or enterprise that focuses heavily on knowledge, information processing, innovation, or talent.
- Loans for businesses that have or plausibly project jobs that pay above the median Ulster County wage and that have employee benefits such as health insurance.
- Loans for business that involve strategic sectors or other priority purposes identified in the Ulster Tomorrow Economic Development Plan.
- Loans should be avoided to businesses primarily retail in nature or that might give an unfair advantage to an applicant that is engaged in a line of business having a large number of local competitors.
These guidelines are intended to be flexible and exceptions may be made on a case by case basis.
Revolving Loan Fund Application
Revolving Loan Fund Instructions
Other Revolving Loan Funds
Catskill Watershed Corporation –Catskill Fund for the Future: Provides financial assistance to businesses within the boundaries of the Ulster County towns in the Catskill Watershed (Denning, Hardenburgh, Hurley, Town of Kingston, Marbletown, Olive, Rochester, Shandaken, Wawarsing, Woodstock). Loans are available for up to fifty percent (50%) of the total project costs. The interest rate is one-half (1?2) of the prime rate plus one percent (1%). A minimum ten percent (10%) equity, collateral as available and personal guarantees are required. Click here for the Catskill Watershed Corporation website.
Contact the Loan Fund Administrator
Michael Triolo
(845) 586-1400
City of Kingston Revolving Loan Funds: Provides financial assistance to businesses within the boundaries of the City of Kingston, to encourage the creation and retention of jobs. The Kingston Local Development Corp. (KLDC) administers the Kingston Revolving Loan Fund and Community Development Revolving Loan Fund, a Section 108 Loan Guarantee Program, an SBA 7A program through the National Development Council and has access to other economic development programs, for example the USDA. Rates have been established as the prime rate minus one percent (1%) for revolving loan funds, the three (3) month LIBOR plus two percent (2%) for the Section 108 program, and for the SBA 7A program rates vary from the prime rate plus one percent (1%) to two and one-half percent (2.5%). The KLDC has “Gap Financing” loans of twenty-five percent (25%) and thirty percent (30%) of the total project costs.
Contact the Community Development Director
Michael Murphy
(845) 334-3924
Town of Esopus Waterfront Development Loan Fund (Section 108): Capitalized with $2.0 million from the U.S. Department of Housing and Urban Developments (HUD) Section 108 loan program. Provides financing to Esopus businesses for projects that range from a $50,000 minimum to a $1 million maximum. Loans are for business development and job creation. The interest rates are between three and one-half percent (3.5%) and four and three-quarters percent (4.75%) depending on project size.
Contact the Esopus Town Supervisor
John Coutant
(845) 331- 0676
Town of Lloyd Revolving Loan Fund: Provides financial assistance to businesses within the boundaries of the Town of Lloyd. Loans are available for up to fifty percent (50%) of the total project cost up to a maximum of $75,000. The interest rate is three (3) points below prime with a minimum of four percent (4%). Loans must help create and/or retain jobs.
Lloyd Town Supervisor
Raymond Costantino
(845) 691-2144
Town of New Paltz Revolving Loan Fund: Provides financial assistance to businesses within the boundaries of the Town of New Paltz. Loans are available for variable amounts and terms depending on the project needs. The interest rate is four percent (4%). The interest rate is subject to change, although it will always be below prime. Loans must help create and/or retain jobs. The maximum loan amount is one-half (1/2) of available capital in the fund.
Contact New Paltz Town Supervisor
Toni Hokanson
(845) 255-0604
Town of Shandaken Revolving Loan Fund: Provides financial assistance to businesses within the boundaries of the Town of Shandaken. Loans are available for variable amounts and terms depending on the project needs. The interest rate is five percent (5%). Loans must help create and/or retain jobs.
Contact Director of SHARP
Vance L. Kibe
(845) 688-5777
Town of Shawangunk Revolving Loan Fund: Provides financial assistance to businesses within the boundaries of the Town of Shawangunk. Loans are available for a variable percentage of the total project based on project needs. The interest rate is four (4) points below the prime rate with a minimum of four percent (4%). Loans must help create and/or retain jobs.
Contact Shawangunk Town Supervisor
John Valk
(845) 895- 2900
Village of Ellenville Revolving Loan Fund: Provides financial assistance to businesses within the boundaries of the Village of Ellenville. Loans are available for up to 33% of the total project costs up to a maximum of $50,000. The interest rate is between two percent (2%) and four percent (4%) with variable term lengths, based on project needs. Loans must help create and/or retain jobs.
Contact Ellenville Village Manager
Mary Sheeley
(845) 647-7080
Village of New Paltz Revolving Loan Fund: Provides financial assistance to businesses within the boundaries of the Village of New Paltz. Loans are available for variable amounts. Interest rates and term lengths are based on project needs. Loans must help create and/or retain jobs.
Contact Village of New Paltz Mayor
Jason West
(845) 255- 1413
Village of Saugerties Revolving Loan Fund: Provides financial assistance to businesses zoned commercial or industrial within the boundaries of the Village. RLF will participate up to a maximum of $50,000. The interest rate is below the prime rate and varies by project need. Maximum loan term is 10 years. Loans must be used for renovation or rehabilitation.
Contact Saugerties Village Mayor
William Murphy
(845) 246-2321
Microloan Program
Community Capital Resources is a Small Business Administration (SBA) “Microlender.” Community Capital Resources offers business loans that are perfect for new and existing businesses that have difficulty meeting the credit or collateral requirements of a conventional lender. Loans range from $1,000 to $50,000 at affordable interest rates.
Loan uses include:
• Materials • Inventory • Equipment
• Marketing • Licensing • Working Capital
• Energy Savings Upgrades
Eligibility Requirements:
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Borrowers must complete a business plan
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Be the principal owner of the business
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Be at least 21 years of age
For more information please click here.
Note that Ulster County businesses are eligible even though they are not listed as such on the site.
Shovel Ready Program
The Shovel Ready Fund provides financial assistance to municipalities to (a) assess public infrastructure needs and conduct studies to determine the feasibility of commercial and industrial development and (b) enhance or construct necessary supporting public infrastructure.
Ulster County Revolving Loan Funds Brochure (
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