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Community Development Revolving Fund Guidelines

Community Development Revolving Fund Guidelines

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Published by David Radovanovic
Revised 5/1/06 - Saugerties Community Development Revolving Credit Fund Guidlines and application
Revised 5/1/06 - Saugerties Community Development Revolving Credit Fund Guidlines and application

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Published by: David Radovanovic on May 11, 2010
Copyright:Attribution Non-commercial


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VILLAGE OF SAUGERTIESCOMMUNITY DEVELOPMENT REVOLVING FUNDGUIDELINESThank you for your inquiry regarding the Community Development RevolvingLoan Fund.Enclosed are the forms necessary to process your loan application in a timelyfashion. The following documents are required and must be returned to the VillageClerk for processing:1.Application to be completed by the owner of the property (whoever is onthe deed must be on the application).2.A personal financial statement for individuals or a business financialstatement for local businesses3.One years tax returns for individuals or two years tax returns forbusinesses4.A copy of the most current paid General, School and Village tax bills5.A copy of the deed to the property6.A copy of the plans (rough sketch or detail) of work to be completedThere is a $25.00 non-refundable application fee, payable to the Village of Saugerties.All loans are subject to fund availability. Minimum loan amount is $1,500.00.Maximum loan amount is $75,000.00. Exceptions may be made at the discretion of the Committee.Call 246-2321 if you have any questions.Very truly yours,THE COMMUNITY DEVELOPMENT REVOLVING LOAN COMMITTEEVILLAGE OF SAUGERTIESRevised 5/1/06page 1
VILLAGE OF SAUGERTIESCOMMUNITY DEVELOPMENT REVOLVING FUNDGUIDELINES1. OBJECTIVE: To financially assist businesses zoned for commercialand industrial use, within the Village of Saugerties, by providing low interestrate loans to be used for the purpose of renovation or rehabilitation.2.ELIGIBLE APPLICANTS: Individuals who operate as a soleproprietorship, partnership, or corporation. All applicants must be theproperty owners. Leaseholders will be considered under certain conditions.3.ELIGIBLE PROJECTS ARE:a.Commercial improvementsb.Expansion of existing buildingc.Façade improvementsd.Mechanicalse.Parking area improvementsf.Roof repair or replacementg.Restoration of existing floors, walls ceilingsh.Signagei.Renovation of abandoned properties for redevelopment forcommercial use j.Rehabilitation of buildings for commercial usek.Other projects and activities deemed by the Committee to bewithin the general interest and purpose of this programRevised 5/1/06page 2
4.INELIGIBLE PROJECTS ARE:A.Speculative buildings or renovation on speculative buildingsB.Payoff of any loans to financial institutionsC.Start up business expensesD.Projects which are located outside the Village of Saugerties5.APPLICATION KIT CONTAINSApplication, to be completed by the owner of the property – Whoever is on the deed must be on the applicationA.Financial statement formsThe application package may be obtained from the Village Clerk. The applicationfee is $25.00, which is non-refundable, and payable to the Clerk at the time of application. All forms must be completed and returned to the Village Clerk alongwith the following:a.One years tax return for individualsb.Two years tax returns for businessesc.A copy of the most current paid tax bills – General, Village andSchoold.Deed to the propertye.Completed financial statementsf.If a corporation or partnership, appropriate papers arerequired6.MINIMUM LOAN AMOUNT:$1,500.007.MAXIMUM LOAN AMOUNT:$75,000.00ALL LOANS ARE SUBJECT TO FUND AVAILABILITYRevised 5/1/06page 3

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