The City of Fulton New York’s Revolving Loan Fund Program is administered by the CDA and was created from loan repayments received as a result of Small Cities Program economic development loans and Urban Development Action Grants secured in the early 1980’s.
Loan repayments enable the City to provide low-interest loans to Fulton businesses for expansion and/or start-up.
All assistance is in the form of loans, and a need for funding must be demonstrated in each application.
Program goals include job creation or retention and/or increased sales and property tax revenues for the City.
The loan fund provides gap financing which is generally not more than 30% of the total project cost, leveraging public and private financing to make each project economically feasible.
Generally a ratio of one full-time job for every $10,000 of Revolving Loan Funds expended must be achieved; new positions created must be available for persons of low and moderate income.
Loans up to $99,999 are reviewed by the committee.
Loan applications for $100,000 and over must be reviewed by the members of the Fulton Community Development Agency Board of Directors, comprised of the Mayor and Common Council of the City of Fulton.
Fulton Community Development Agency
Address: 125 W Broadway
State: New York