Supervisor, Town of Eden
Glenn R. Nellis

Deputy Supervisor/Councilwoman
Mary Lou Pew

Town Board
George F. Zittel
Vincent V. Vacco
Timothy J. Walker

Phone: 716-992-3408
Fax: 716-992-4131

To obtain an application and/or information, please contact:
Supervisor's Office Town of Eden - Town Hall
2795 East Church Street
Eden, New York 14057
716-992-3408 or Chamber of Commerce 716-992-4799
You may also email Ann Knack, Administrative Assistant at ann@edenny.org

Policies and Eligibility Criteria for the Business Revolving Loan Fund:

1. ELIGIBLE APPLICANTS:
Owners of small manufacturing, business, or other business firms which would keep and bring dollars into the Town of Eden by selling goods and/or services.

2. ELIGIBLE PRODUCTS AND ACTIVITIES:
Small business start-up, expansion, redevelopment, or renovation of vacant or existing facilities, and business and job retention projects. Approval will be awarded on an individual basis.

3. ELIGIBLE ACTIVITIES:
Working capital, and the acquisition and/or improvement of land *, facilities or equipment.
* May Require Environmental Impact Study

4. INELIGIBLE ACTIVITIES:
Will include, but not limited to, adult entertainment/bookstore, gambling, race tracks, and junkyards.

5. LOAN AMOUNT REQUIREMENTS:
The minimum amount is $1,000 and the maximum amount is $25,000.

6. MATCHING PRIVATE INVESTMENT:
A minimum of ten percent (10%).

7. INTEREST RATE:
To be determined.

8. LOAN TERMS:
Up to seven (7) years

9. COLLATERAL:
All loans will require adequate collateral. Non-collateral loans may be approved when a participating loan pool bank and the loan committee recommends the project.

10. JOB IMPACT:
The creation and retention of jobs will be one criteria for loan approval. Ideally, one full-time (37.5 or more hours) position will be created for every $20,000 loaned. Job retention will also be considered a desirable outcome.

11. NEED:
All projects must demonstrate need for below-market financing. Loans can serve as "GAP" subsidy financing. Money that is needed to complete project that is not available from other sources.

12. RELOCATION:
Not permitted outside the Town of Eden during period of loan.

13. FEES:
A pre-application fee of $25.00 is required (non-refundable). There will be an application fee of $100.00 (also non-refundable). LOAN COST: $125.00 for loans under $5,000; $250.00 for loans over $5,000.

14. COMPLIANCE:
Is required for Town codes and local, state, and federal environmental and civil rights regulations.

LOAN REVIEW COMMITTEE PROCESS:
All applications will be distributed and application assistance provided by the Revolving Loan Credit Program Committee c/o Town of Eden Administrative Assistant, Supervisor's Office.
Application fees will be collected by the Town Clerk in the Town of EDEN.
The application will be reviewed by the Revolving Credit Loan Committee to determine a complete application. The loan committee will review applications once a month, and an interview of the applicants, by the committee, will be conducted. Based on the application, interview, and credit references, the committee will determine eligibility and the loan amount. A letter will be sent by the Committee Chairperson to the applicant indicating the outcome of the application and any reasons for declining the loan (if applicable). The loan committee may request further information in any application; or the applicant may request a delay to provide further information. The applicant's request should be made in writing. The committee will endeavor to work cooperatively with the applicant to provide all necessary data to provide a full and true picture of the applicant

This is an Equal Opportunity Program. Federal Law prohibits discrimination on the basis of race, color, national origin, sex, age, disability, political beliefs, sexual orientation, or marital or family status. (Not all prohibited bases apply to all programs). Persons with disabilities who require alternative means for communication of program information (Braille, large print, audiotape, etc.) should contact USDA's TARGET Center at 202-720-2600 (voice and TDD). To file a complaint of discrimination write: USDA, Director, Office of Civil Rights, Room 326-W, Whitten Building, 1400 Independence Avenue, SW, Washington DC 20250-4910 or call (202-720-5964 (voice and TDD). TDD phone number: 1-800-662-1220