The Village of New Paltz Board is seeking feedback from our community on whether to amend our Revolving Loan Fund’s (RLF) guidelines. The Village’s RLF was funded via an economic development grant from the U.S. Department of Housing and Urban Developments (HUD).
For an interim period, we would like to offer small business loans geared towards pandemic relief to Village of New Paltz businesses impacted by the covid pandemic who may benefit from borrowing money.
An RLF is expected to recycle repayments to finance the same type of activities for an ongoing basis. Ordinarily, our RLF program is not for working capital or emergencies. However, we would like to expand the types of applications that will be considered during this unique and challenging time.
If an applicant is seeking assistance with working capital or responding to covid-related emergencies and has demonstrated compliance with NY State’s Executive Orders, they would be expected to include details in narrative form and provide other supporting exhibits in their application found on the Village’s website. This would be in addition to existing application and documentation requirements.
We are proposing that the rate to borrow will be the Wall Street Journal Prime rate minus 0.25%.
Please share thoughts on our plan to amend to assistant@villageofnewpaltz.
Existing application, loan terms, and guidelines: https://www.villageofnewpaltz.