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The Workforce Development Board, Herkimer, Madison, and Oneida Counties, Inc. (WDB HMO), DBA Working Solutions, is part of the Public Workforce System, a network of federal, state, and local offices that support economic expansion and develop the talent of the nation’s workforce.
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CARES ACT REVOLVING LOAN FUND


Coronavirus Aid, Relief, and Economic Security (CARES) Act Revolving Loan Fund is a new economic recovery loan program, created by the Economic Development Administration under the U.S. Department of Commerce, designed to alleviate sudden and severe economic dislocation caused by the coronavirus (COVID-19) pandemic. It will provide permanent resources to support economic resiliency and further the long-term economic adjustment objectives of the Mohawk Valley region.

CARES ACT REVOLVING LOAN FUND GUIDELINES:
 Eligibility
·         Small businesses and non-profits
·         Must be located in Fulton, Herkimer, Montgomery, Oneida, Otsego or Schoharie counties.
Loan Amount
·         Up to $200,000.
Payment Schedule
·         Loans up to 60 months.
·         Months 1-12, principal payments only.
·         Months 13-60, principal and interest payments.
Interest Rate
·         0% interest for months 1-12, principal payments only.
·         2.44% interest rate for months 13-60.
Use of Proceeds
·         Working Capital (inventory, taxes, utilities, rent, payroll, mortgage payments, supplies and all COVID-19/social distancing expenses).
·         Any necessary expenses for responding to economic injury as a result of coronavirus.
 Borrower Fee
  • No application fee required.
Additional Notes
  • No equity insertion required.
  • No job creation required.
  • No bank required.
How to ApplyContact Us
Mohawk Valley Rehabilitation Corporation
(MORECO)
Affiliated with Mohawk Valley Economic
Development District, Inc.
26 West Main Street, PO Box 69,
Mohawk, NY 13407-0069
Phone: 315.866.4671
Email:
Website: mvedd.org
 
 

Helping CNY Get Back To Work

The Workforce Development Board, Herkimer, Madison, and Oneida Counties, Inc. (WDB HMO), DBA Working Solutions, is part of the Public Workforce System, a network of federal, state, and local offices that support economic expansion and develop the talent of the nation’s workforce.

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Working Solutions
209 Elizabeth Street
Utica, New York 13501

Equal Opportunity Employer/Program. Auxiliary aids and services are available upon request to individuals with disabilities.

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