Town of Lloyd Revolving Loan Fund

The purpose of the Town of Lloyd Revolving Loan Fund is job creation.

The Lloyd Community Development Corporation through the Town of Lloyd Revolving Loan Fund (LRLF) makes money available to help create new jobs in the Town of Lloyd or to keep jobs in the Town that might otherwise be lost.

The program provides low-interest loans to small businesses for part of their total financial needs, the LRLF will lend up to 50% of a project's cost with loans of $10,000 to $75,000.

Money from the LRLF for smaller projects is available at an interest rate of 4% for up to 50% of a project cost with a maximum loan amount of $15,000. (example facade improvement, sidewalks, or providing handicapped access.)

To Qualify for Lloyd Revolving Loan Funds you must

1. Be unable to finance your entire project on reasonable terms through traditional lending sources
2. Be a sole owner, partnership or corporation
3. Possess good character and reputation.
4. Submit the necessary application paperwork and a business plan.

Projects eligible for LRLF loans are projects that create or retain jobs in the Town of Lloyd and can include

1. Land acquisition for commercial, industrial or related use
2. Abandoned property acquisition for redevelopment for commercial, industrial or related uses
3. Developing real estate, including rehabilitating historic buildings for commercial or industrial use.
4. Projects which will speed up re-use of land and facilities to create job opportunities.
5. Measures to stabilize small businesses (Code compliance, facades, handicapped access, etc.)

You May use Lloyd Revolving Loan Funds for:

1. Land Costs, including engineering, legal grading, testing, site mapping and related expenses you incur to buy or prepare land
2. Building Costs: Including real estate, engineering, architectural, legal and related expenses you incur to acquire, build or rehabilitate buildings.
3. Machinery and Equipment Costs: Including delivery, installation, engineering, architectural, legal, insurance and related costs you incur to acquire or install machinery.
4. Infrastructure Costs: Including basic underlying framework required for your project. ( Plumbing, waste treatment, electrical, etc.).
5. Relocation Costs: The expenses associated with moving your business into or within the Town of Lloyd
6. Other Costs: Contributing directly to the value of the project, as determined by the LRLF Committee
7. Working and Start-up Capital: This will be determined in a case by case analysis by the LRLF Committee

Projects Excluded from the LRLF are:

1. Speculative building or renovation or real estate speculation
2. Paying off existing loans.
3. Start-up businesses, unless you can demonstrate a strong probability of success: You must have a strong background in the field and demonstrate a firm market exits for your product or service.
4. Projects where reasonable alternative financing is available
5. Projects which may only increase sales or efficiency without creating or retaining jobs.

Basic LRLF Committee Considerations are:

• The number and kinds of jobs created or preserved

Priority is given to projects requiring no more than $8,000 in LRLF for each job created.

• In addition to LRLF loan funds, your loan package must include financing from another private and/or public source.

• You must provide equity of at least 10% of the project from personal resources.

• Tax Payments: You must make full payment of all property and other taxes when due.

Priority Projects
The LRLF's main purpose is to provide jobs in the Town of Lloyd. The LRLF Committee gives special consideration to minority and women-owned businesses and others who provide opportunities for increased minority employment.

Another important purpose is for the LRLF is to increase the employment of low to moderate income people. All borrowers must pledge to maintain a workforce where at least 51% of all new employees (as a result of a LRLF loan) come from low to moderate income households.

Application and loan Fees

• $100 Application fee payable to the Town of Lloyd Community Development Corporation.

• 1% of the loan amount payable to at the time of closing to Town of Lloyd community Development Corporation.

• Closing costs, which vary depending on size and type of loan.

Call now for information on loan application:

Supervisor's office
845-691-2144

12 Church Street
Highland, NY 12528

Phone:	(845)-691-2144
FAX:	(845)-691-2732