Town of Union to Implement Union Square Deal Loan-to-Grant Program
The Town of Union Economic Development offices announces the Union Square Deal Loan-to-Grant program aiming to assist businesses in the area.
The Union Square Deal Loan-to-Grant(L2G) program is designed to provide town businesses with a financial resource to encourage growth.
New or existing businesses can apply for funding ranging from $10,000 to $60,000.
Town of Union Economic Development Director Joseph Moody says, "I think it's the best of both worlds because the town is able to get what it needs to get out of our loan funds, meaning jobs being created by small businesses, you know, businesses in the community, and then the businesses are able to get something as soon as it meets all the goals that it needs to meet in order to get converted to a grant."
Some of the criteria to qualify for the program include the business creating and retaining new jobs, paying back 50% of the loan at a 3% interest rate, and agreeing on a loan to grant time frame of three to 15 years.
Moody says if done right, the program will help contribute to the overall economic growth in the Town of Union.
Moody says, "I think it will help create traffic on Washington Avenue or Main Street Johnson City with the DRI funds that we have there. I think it'll help maybe small business owners that are looking to maybe open a restaurant or an office or something in those areas. Yeah, in particular in those areas. But anywhere in the town of union, these programs are available."
Any businesses interested in applying for the program can do so online in the economic development tab of townofunion.com.
Or you can contact Moody at (607)-786-2945 or email him at: [email protected].