Ulster County 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.
RLFs fill the gap between a businesses' financial needs and the amount that can be borrowed from a lender. RLFs can help to complete a business' financing package by offering fixed rate, low-interest loans, revolving lines of credit or loan guarantees. RLFs have an application fee, closing costs and attorney fees.
Contact the Office of Economic Development
(845) 340-3556
Underwriting Criteria for Loan Funds
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.
Contact the Loan Fund Administrator
(845) 586-1400
City of Kingston Revolving Loan Funds: Provides financial assistance to businesses within the boundaries of the City of Kingston to encourage job creation and retention. The Kingston Local Development Corporation (KLDC) also has Revolving Loan Programs and the Section 108 Loan Guarantee Program for businesses within the City of Kingston who need additional financing. To qualify for the additional or "GAP" financing the applicant must have a Traditional Financial Institution (bank) involved as well as utilization of their own monies. Interest rates are generally lower than traditional financial institutions and are based on the creditworthiness, financial statements and current credit report provided by the applicant. The maximum amount to be financed not to exceed 20% of total project cost. The remaining project costs must be made up of traditional lender financing and owner equity.
Contact the Kingston Local Development Corporation
(845) 334-3930
Town of Esopus Waterfront Development Loan Fund (Section 108): Capitalized with $2 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
(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
(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 various amounts and terms depending on the project needs. 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
(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 various 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
(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
(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
(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
(845) 255- 1413
Village of Saugerties Revolving Loan Fund: Provides financial assistance to businesses zoned commercial or industrial within the boundaries of the Village. Loans are 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
(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:
- Borrowers must complete a business plan
- And be the principal owner of the business
- And be at least 21 years of age
For more information please click here.
This institution is an equal opportunity provider, employer, and lender.
If you wish to file a Civil Rights program complaint of discrimination, complete the USDA Program Discrimination Complaint Form, AD-3027, found online at http://www.ascr.usda.gov/complaint_filing_cust.html, or at any USDA office, or call (866) 632-9992 to request the form. You may also write a letter containing all of the information requested in the form. Send your completed complaint form or letter to us by mail at U.S. Department of Agriculture, Director, Office of the Assistant Secretary for Civil Rights, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410, by fax (202) 690-7442 or email at program.intake[at]usda[dot]gov.
