The Agency has funds available for small business

According to The Agency, funds are available for existing Broome County businesses through the Grow Broome Fund. Started in January of this year, the Grow Broome Fund is a partnership between The Agency and the National Development Council to provide financing for small businesses. The financing provided is partially guaranteed by the U.S. Small Business Administration. The Grow Broome Fund has up to $2 million available for lending to eligible small businesses. The benefits of the program for qualified borrowers are longer loan terms, larger loans, lower down payments and interest rates and a better structure to match the term of the loan to the life of the assets being financed. This program is open to qualified, existing businesses in operation for at least 3 years with 2 to 500 employees and revenues generally between $500,000 and $20 million (subject to the SBA size standards by industry). Real estate investment or development projects and financing entities are not eligible. Loans range from $150,000 - $2,000,000 for operating businesses located in Broome County, and can be used for working capital, machinery and equipment, real estate acquisition or renovation and tenant improvements. There are no application fees, but closing fees are applied. Businesses looking for more information on the Grow Broome Fund should contact Tom Gray, Senior Deputy Director of Operations at The Agency at (607) 584-9000 or [email protected]. For more information on Agency programs visit www.theagency-ny.com.