UNION, N.Y. — The Town of Union Economic Development Office (EDO) announced it is offering the Union Square Deal Loan-to-Grant Program (L2G) to existing businesses or startups located within or relocating to the town of Union (which includes the villages of Endicott and Johnson City).
The L2G program, initiated via the Town of Union Local Development Corporation, is designed to provide businesses in the town with financial resources to encourage investment, expansion, and job growth.
Funding ranges from $10,000 to $60,000 and may be used to acquire commercial buildings, furniture, fixtures, machinery, and equipment, among other eligible uses. Businesses receiving the money must agree to create or retain jobs.
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Loan terms for the funding range from three to 15 years with a 3-percent interest rate. After 50 percent of the approved principal loan balance is repaid, the remining balance will be converted to a grant, according to the Town of Union EDO’s announcement.
Home-based businesses and not-for-profits are not eligible for the program.
Funding approval is based upon a number of factors including the strength of the proposal and availability of funds.
Additional information about the L2G program is available online under the “economic development” tab at www.townofunion.com.
