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The Lewis County Microenterprise Revolving Loan Fund Program (Microloan Program) has been designed to assist local businesses in starting up or expanding. The applicant must be unable to obtain financing for all or part of the project from a bank or other financial institution. The business must have five or less employees including the owners at the time of application and the loan funds must be used to create or retain jobs in Lewis County.
The owner must be active in the business on a daily basis and the business must become the owner’s major source of income. The applicant must meet Federal Income Guidelines based on the size of household and adjusted gross income from latest Federal Income Tax return. If applicant does not meet Guidelines, then they must certify full time employment of an individual who meets guidelines. All applicants will be required to complete an application, business plan and financial projections. They must also supply tax returns from the previous three (3) years. (Business plan and financial projection assistance is offered by the Small Business Development Center at 782-9262.)
Loans will generally be considered in amounts up to $35,000.
Microloan Program administration is provided by Snow Belt Housing Company, Inc., 7500 S State Street, Lowville NY 13367. Interested business owners can download a handbook and application HERE . For more information, contact Cheryl L. Shenkle-O’Neill, Executive Director, (315) 376-2639, extension 1.