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Designed to assist small businesses with capital for start-up or expansion. Loan funds may be available to eligible borrowers in the Town and Village of Potsdam including areas within the Village of Norwood. Loan funds may be used for working capital, real estate development, equipment and other business uses.
Acting through the Potsdam Planning and Development Office, the Potsdam Community Development Corporation generally makes loans in the maximum amount of $25,000 at a competitive interest rate, with maximum repayment term of 60 months.
Eligibility is determined by review of the applicant’s business plan, financial statements, job creation, owner’s equity, community benefit and security pledged as collateral.
This loan fund was capitalized with federal funds and certain restrictions may apply to their use. If funds are used for building construction or renovations, federal Davis-Bacon Wage Rates will apply. Projects involving alterations to buildings eligible for or listed on the National Register of Historic Places are subject to possible conditions by the NY State historic preservation office.
There is a non-refundable application fee and loan
recipients are required required to pay the loan closing costs for the Village,
which are typically $500 or less.
For additional information contact the Director of Planning and Development at fhanss@vi.potsdam.ny.us or (315) 265-1670.
The Village of Potsdam is working in partnership with the Potsdam Community Development Corporation to implement a $400,000 award from the NYS Small Cities Community Development Block Grant Program. This program may provide eligible small businesses with matching grants for the renovation of retail/commercial building facades in downtown Potsdam and the outer Market Street retail corridor.
Eligible businesses are those that employ five or fewer full employees including the owner. To qualify for assistance, the business owner must agree to retain existing employees of hire additional employees as a condition of receiving assistance. Low to moderate income people as defined by the U.S. Department of Housing and Urban Development must be given priority for filling those employment positions created or retained.
ü Eligible renovation work may include:
ü Masonry repairs
ü Roof repair/replacement
ü The repair/replacement of windows, doors, transoms and display windows
ü The repair of storefronts including bulkheads, cornices and decorative architectural devices
ü The repair/replacement of exterior electrical wiring and fixtures
ü Painting
ü Accessibility for persons with physical disabilities
Applicants may receive a maximum grant of $30,000 that must be matched on a dollar for dollar basis. Contact the Planning and Development Office for information on available sources of matching funds for renovations. Applicants should be aware that federal Davis-Bacon Wage Rates apply to this project.
For more information contact the Planning and Development Office: fhanss@vi.potsdam.ny.us or by telephone at 315-265-1670.
last revised 2/15/09