City of Utica Economic Reinvestment Program
Below-market revolving loan fund for Utica small businesses creating or retaining jobs and investing in disadvantaged communities.
About this program
The City of Utica Economic Reinvestment Program is a revolving loan fund that supplements conventional financing for low- and moderate-income businesses and business projects. The program helps small business owners create or retain permanent jobs and make investments in distressed or disadvantaged areas of Utica. Loans may be used for working capital, equipment, and real property, with fixed interest at 70 percent of prime, terms of 5 to 15 years, and a maximum loan of $150,000 or 35 percent of eligible project costs at a rate of $15,000 per job created.
Eligibility
Small businesses in the City of Utica with viable projects that create or retain permanent jobs, make investments in distressed or disadvantaged communities, and can leverage private or other funding sources.
Requirements
- Operate or propose an eligible business project in the City of Utica
- Create or retain permanent jobs as part of the project
- Use funds for eligible working capital, equipment, or real property costs