Revolving Loan Fund

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

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RLF 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.

NOTE: As of 1/16/2025, all initial funds available have been disbursed. OBDC will inform you when more funding becomes available.

ABOUT

Funding Range: $5,000 to $100,000
Update - 1/16/2025 ALL FUNDS HAVE BEEN DISBURSED.

Loan Terms

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

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

Flexible Loan Usage

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

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.

1. Business Owner submits Pre-Application

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

Contact Details

716-701-4009

info@oleanbd.com

301 N. Union Street Olean, NY 14760 4th Floor | Suite 401