Mohawk Valley Economic Development District, Mohawk, New York, will receive a  $3 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF. The funding is to provide low-interest loans to coronavirus-impacted small businesses in Montgomery, Fulton, Oneida, Herkimer, Otsego, and Schoharie counties.

Eligibility

• Small businesses and non-profits 
• Must be located in Fulton, Herkimer, Montgomery, Oneida, Otsego or Schoharie counties.

Loan Amount

• Up to $200,000.

Payment Schedule

• Loans up to 60 months.
• Months 1-12, principal payments only.
• Months 13-60, principal and interest payments.

Interest Rate

• 0% interest for months 1-12, principal payments only.
• 2.44% interest rate for months 13-60.

Use of Proceeds

• Working Capital (inventory, taxes, utilities, rent, payroll, mortgage payments, supplies, and all COVID-19/social distancing expenses).
• Any necessary expenses for responding to economic injury as a result of coronavirus.

Borrower Fee

• No application fee required.

Additional Notes

• No equity insertion required.
• No job creation required.
• No bank required.

How to Apply

• Click here for the “CARES ACT REVOLVING LOAN FUND” application link.
• Fill out the PDF and send competed info to [email protected] or mail to the address listed below.

Contact Us

Mohawk Valley Rehabilitation Corporation (MORECO)

Affiliated with Mohawk Valley Economic Development District, Inc.

26 West Main Street, PO Box 69, Mohawk, NY 13407-0069

Phone: 315.866.4671

Email: [email protected]

Website: mvedd.org