Businesses in Sullivan County now have the chance to get their hands on a piece of a $600,000 pie through the Sullivan County Revolving Loan Funds.

According to the Sullivan County Division of Planning, there are four different revolving loan program funds that assist entrepreneurs looking to establish or expand businesses.

Zeke Miller, co-owner of Cochecton Fire Station, had to partake in the opportunity.


What You Need To Know

  • According to the Sullivan County Planning Division, loans range from up to $10,000 to up to $100,000, depending on criteria

  • Rates for all loans are set at 1% below the prime interest rate, with a base minimum of 2% and a maximum of 6%

  • The application fee is $50

“I initially went into the Department of Planning at Sullivan County and met Jill Weyer, and she was teaching a class called the ETP. It's an entrepreneurial training program,” said Miller.

According to Miller, the program was about a two-month course the county offered to encourage entrepreneurs to learn how to correctly make a business plan and present it to the planning board.

Miller took the class, learned the skills and was granted two loans. The first was for $25,000; the other, $12,500.

“It helped greatly because the first one was just the baby steps and getting funding, working capital, for, you know, purchasing everything that needs to get purchased for a restaurant. You know, the bar top, the refrigeration units, etcetera. Like it all adds up very quickly,” said Miller.

John Kiefer, loan consultant for the Sullivan County Division of Planning, said there are steps entrepreneurs need to take before getting the loan.

“The first step is to contact me and discuss the project with me. And I will tell them that based on my experience with the board whether or not it's something that will fit in the parameters that we have, and those parameters are set by the state,” said Kiefer.

There is also a $50 application fee.

Kiefer said the money for the loans come from a grant given to the county more than a decade ago. Kiefer emphasized the county is not a replacement for a bank. In fact, it partners with them.

“It's to provide a filler for the gap that exists between what a bank will do and what what a new borrower needs basics,” said Kiefer.

Kiefer said when looking for the right applicant, he is looking for someone with previous managing experience and a thoroughly considered business plan.

According to the Sullivan County Planning Division, loans range from up to $10,000 to up to $100,000, depending on various criteria, including the percentage of owner equity involved, the number of jobs created and location of business. Rates for all loans are set at 1% below the prime interest rate, with a base minimum of 2% and a maximum of 6%.