ITHACA, N.Y. — Alternatives Federal Credit Union of Ithaca announced it plans to make more than $2.5 million business loans throughout Schuyler County over the next three years.
The financing will help support both existing businesses and help build new business enterprises, Alternatives said in an online news release. Eligible applicants must fall within the median family-income guidelines set annually by the U.S. Department of Housing and Urban Development (see income limits at https://bit.ly/3gtCWZA).
“Alternatives Federal Credit Union is excited to work even more closely with community partners, organizations, area businesses, and other leaders in Schuyler County, as we commit to deploying $2.52 million in business loans in Schuyler County,” James Hunter, chief lending officer at Alternatives, said. The funds will be disbursed over the course of three years, wrapping up at the end of December 2023, he added.
“In addition to these loans, we’re thrilled to provide free business coaching and technical assistance to 100 aspiring and/or established entrepreneurs through December 2023,” Kathleen Clark, senior director of community development at the credit union, said.
Alternatives’ main office is located at 125 N. Fulton St. in downtown Ithaca. It has four additional ATM locations in Ithaca, per its website. Alternatives has 10,886 members and $145.2 million in total assets, according to data from the National Credit Union Administration.
Founded in 1979, Alternatives describes itself as a community development credit union (CDCU), member-owned, locally controlled, and self-supporting. A CDCU is a credit union with a mission of serving low and moderate-income people and communities.