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Lending Program To Benefit Small Businesses In Broome County

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BINGHAMTON, N.Y. -

Broome County has set aside $300,000 in its budget to serve as a lending fund for small businesses. The Agency's Broome Business Retention & Expansion Fund aims to help out businesses in the area that need to borrow some capital in order to grow.

The fund is open to all small businesses and will be given out on a first come, first serve basis. Businesses can finance up to 90% of a project's cost, but the loan can not exceed $50,000.

Kevin McLaughlin, Executive Director of The Agency, says something that sets this lending program apart that it can be used to offset credit card debt for small companies. 

"In a lot of cases, you have small businesses that have been in operation for a couple of years and they've literally expanded their business on credit cards. And that could be 20-25% interest. With this loan program, they'll be able to refinance that debt and bring their interest rate down to below prime and actually have some additional cash flow just from the refinance," says McLaughlin.

That $300,000 commitment from the county was approved by the legislature in May.

For more information businesses can contact Tom Gray at The Agency at (607)584-9000 or by email at tmg@theagency-ny.com