Chamber Loan Fund
The Chamber has two low interest loan funds available to help YOU with business start-up or expansion; the Downtown Association For Business (DAB) Loan Program and Rural Business Enterprise (RBE) Loan Program.
Downtown Association For Business (DAB) Loan Program
The DAB program provides loans up to $25,000 to assist new or expanding businesses located in selected areas in the City of Amsterdam. The interest rate is 3%, and at least one full time job should be created. The loan will cover up to 75% of costs, with 25% coming either from the owner or loans from other sources. The loans will be primarily made for buildings, land, fixed assets and capital equipment items. The prospective borrower must fill out an application form and include a business plan.
Rural Business Enterprise (RBE) Loan Program
The RBE program provides loans up to $50,000 to assist new or expanding businesses located anywhere in Montgomery County outside the City of Amsterdam. The interest rate is 1% below prime, and at least one full time job should be created for every $25,000 in funds loaned. The loan will cover up to 49% of costs, with 51% coming either from the owner or loans from other sources. The loans will be primarily made for buildings, land, fixed assets and capital equipment items. The RBE program is managed by the Montgomery County Partnership, which reviews and approves the prospective loans. Final loan approval is required by the U. S. Department of Agriculture. The USDA is an equal opportunity provider, employer and lender.
Call 842-8200, ext. 11 for more information or an application.