BusinessSyracuse unveils new mortgage program for small metropolis companies....

Syracuse unveils new mortgage program for small metropolis companies. (Some loans might be forgiven)

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Syracuse, N.Y. – Small enterprise homeowners in Syracuse can apply for low-interest loans starting right this moment beneath a $1 million program managed by the town of Syracuse’s financial growth arm.

The cash could go quick. Functions must be submitted to the Syracuse Financial Growth Corp. by no later than Dec. 31, Mayor Ben Walsh mentioned. Walsh is saying this system at a information convention this morning.

There are three sorts of loans based mostly on the scale and sort of enterprise. Loans for the smallest companies – ‘’micro-enterprises’’ with 10 or fewer workers – are forgivable beneath sure circumstances. The loans can be utilized for all kinds of makes use of together with capital upgrades, buy of provides and stock and extra.

Listed below are three fundamental classes:

Micro-enterprise Fund: Loans of as much as $5,000 can be found at an rate of interest of 1%, repayable in two years. The loans might be forgiven if the enterprise retains its workers, stays present on property taxes and meets different circumstances. To qualify, a enterprise will need to have 10 or fewer workers.

Small Enterprise Help Fund: These loans of as much as $25,000 are for companies which have 50 or fewer workers and skilled a decline in gross sales throughout 2020 or 2021 or are situated inside an eligible Census tract (see map). The rate of interest is 1.5%, repayable in 5 years.

Neighborhood Affect Fund: Companies, nonprofit organizations, or growth entities with 50 or fewer workers can apply for as much as $200,000 for constructing renovations or different actual property enhancements inside a professional Census tract. The rate of interest is 2% for 15 years.

The areas outlined in black are Census tracts eligible for particular help beneath the federal American Rescue Plan Act. Some actual property growth initiatives in these areas are are eligible for SEDCO loans.

The Syracuse Financial Growth Corp., or SEDCO, is an area growth company created by the town. To use for a mortgage, enterprise homeowners should full a two-step course of:

First, fill out a web based questionnaire on the SEDCO web site. Then, a metropolis consultant will contact the enterprise to supply an utility type for the suitable mortgage fund. Functions and supporting paperwork should be submitted by midday Dec. 31.

Cash for the loans comes from the $123 million Syracuse acquired this yr in federal stimulus funds.

Between SEDCO and the Syracuse Industrial Growth Company, metropolis officers had beforehand offered $1.3 million in grants and loans to companies recovering from the Covid-19 pandemic.

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