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REVOLVING LOAN FUND

Olean Business Development Corporation (OBDC) is pleased to fill another gap in the region’s entrepreneurial ecosystem by offering access to a Revolving Loan Fund (RLF) designed to help startup businesses in the Olean area thrive.

ABOUT

This fund provides crucial financial support to businesses operating for less than three years, with a focus on job creation and long-term sustainability.

Funding Range: $5,000 to $100,000

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Flexible Loan Usage
  • Funds can be used for various business needs including gap financing, capital asset purchases, and operating capital

  • Broad Eligibility: Both nonprofit and for-profit startups are welcome to apply

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

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

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

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

  • Ineligible: lending institutions, real estate brokers, and media businesses

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

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Loan Terms
  • Up to 5 years, Fixed Rate using Applicable Federal Rate published by the IRS at the time of loan closing

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

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

  • No penalty for early payment

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

OUR PROCESS

Our Process

1

Business Owner submits

2

OBDC RLF Committee Schedules Site Visit

3

If approved to continue, OBDC RLF issues request for Full Application to be submitted by Business Owner

4

OBDC RLF Committee Reaches Decision and Notifies Business Owner

OBDC RLF Committee's goal is to complete this process in 30 days, from receipt of Pre-Application to issuing the check to the business owner.

CONTACT US

Call 

716-701-4009

Email 

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