Revolving Loan Fund 

Loan Terms

1. Funds can be used for various business needs including gap financing, capital asset purchases, and operating capital​

2. Broad Eligibility: Both nonprofit and for-profit startups are welcome to apply​

3. ​Sustainable Funding: The fund is maintained through the repayment of loans and interest​

4. Funding will remain available until all initial funds are consumed, with a goal of this happening by Jan 2025

Loan Eligibility

1. Individual owners, partnerships, limited liability companies, corporations, tenant operators, or contracts for deed purchasers who have been in business for three years or less

2. Primary place of business must be within a 10-mile radius of Olean city center

3. Ineligible: lending institutions, real estate brokers, and media businesses

4. ​Nonprofits may apply if their project benefits the Olean economy and has a solid revenue source for repayment

Flexible Loan Usage

1. Up to 5 years, Fixed Rate using Applicable Federal Rate published by the IRS at the time of loan closing

2. Payments are interest only, due annually, for the first four years of the loan (if a 5 year loan)

3. Final interest and total principal due at the end of the fifth year (if a 5 year loan)

4. No penalty for early payment

5. Business owner must commit to attending bi-monthly OBDC RLF Cohort discussions with other business owners who have received funding support