Ulster County Economic Development Alliance Launches NY Forward "Ulster Equity" Loan Program

Posted July 14, 2020

KINGSTON, N.Y. - Ulster County Executive Pat Ryan announced during his Facebook Live Briefing today that Ulster County’s women and minority-owned businesses, along with businesses in low- and moderate-income census tracts, are now eligible for $2 million dollars in loan funding. The monies, targeted at stabilizing small businesses and non-profits hit by the impact of the COVID-19 pandemic, are made possible by a $100,000 investment by Ulster County Economic Development Alliance (UCEDA) in partnership with the National Development Council (NDC). The minority and women-owned businesses do not have to be certified by NYS and may be self-identifying. Other businesses will be eligible after minority and women-owned businesses and those in qualifying areas are given priority.

“Women-owned businesses, minority-owned businesses, and businesses that are operating in low to moderate income areas in our community often struggle to access resources even during the best of times,” County Executive Ryan said. “Especially now, as many of our businesses are facing challenges amidst the pandemic, it is critical we support them. This Ulster Equity Loan Program will ensure our local women- and minority-owned businesses receive the support they need.”

“In the face of the pandemic, working capital is a struggle for many small businesses,” Avery Nimblette, owner of Green Valley Landscaping in Kingston said. “It’s gratifying to see Ulster County leadership step up with innovative programming designed to help the minority community.”

“The pandemic is proving to have long-term effects on our local businesses, and while the initial federal disaster relief programs were designed to alleviate the immediate stresses, knowing that Ulster County will offer additional funding for local businesses is welcome news”  Katy Dwyer, President and founder of Katy Dwyer Design, said. 

Businesses may use:https://www.connect2capital.com/partners/new-york-forward-loan-fund/ to apply and should choose NDC when they are matched with a lender. Please contact the Ulster County Recovery Service Center at 845-443-8888 or the Ulster County Office of Economic Development at 845-340-3556 for more information.

Loan Program Details

  • Up to $100,000 loan for businesses with no more than $3M in gross revenues; no minimum amount.
  • No application or loan fees
  • 5-year or 60-month term (interest-only payments first 12 months; principal and interest payments months 13-60)
  • 2% interest rate for non-profits; 3% interest rate for small businesses
  • Designed to address needs unmet by federal loan programs such as PPP

Eligible Uses

  • “Survival and working capital” over longer-term, i.e. operations, rent, supplies [including PPE], purchases of materials

Eligible Borrowers

  • Minority and Women-Owned For-Profit and Not-For-Profit Employers with less than 20 employees, in operation for at least one year
  • Impacted by COVID-19 and haven’t accessed federally-backed programs

There are currently 113 active cases of COVID-19 in Ulster County and 88 fatalities. 

For additional information about COVID-19, please visit: 

https://ulstercountyny.gov/coronavirus

Ulster County Recovery Service Center: 845-443-8888

NYS Coronavirus Information Hotline: 888-364-3065

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