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.
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
Flexible Loan Usage
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Funds can be used for various business needs including gap financing, capital asset purchases, and operating capital
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Broad Eligibility: Both nonprofit and for-profit startups are welcome to apply
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Sustainable Funding: The fund is maintained through the repayment of loans and interest
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Funding will remain available until all initial funds are consumed, with a goal of this happening by Jan 2025
Loan Eligibility
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Individual owners, partnerships, limited liability companies, corporations, tenant operators, or contracts for deed purchasers who have been in business for three years or less
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Primary place of business must be within a 10-mile radius of Olean city center
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Ineligible: lending institutions, real estate brokers, and media businesses
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Nonprofits may apply if their project benefits the Olean economy and has a solid revenue source for repayment
Loan Terms
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Up to 5 years, Fixed Rate using Applicable Federal Rate published by the IRS at the time of loan closing
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Payments are interest only, due annually, for the first four years of the loan (if a 5 year loan)
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Final interest and total principal due at the end of the fifth year (if a 5 year loan)
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No penalty for early payment
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Business owner must commit to attending bi-monthly OBDC RLF Cohort discussions with other business owners who have received funding support
Our Process
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OBDC RLF Committee Schedules Site Visit
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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