Am I Eligible for a Loan?
Existing businesses owners or entrepreneurs who seek to fund business ventures located within the Town of Dryden can seek loan funding to use towards 1) business expansion, 2) working capital, 3) startup costs, 4) line of credit.
Who decides whether my venture gets loan funding?
The Town of Dryden Loan Review Committee will make decisions on loan applications in conjunction with their private partner lending facility and legal counsel. More information on specific criteria the Loan Review Committee uses when making decisions will be released in the future.
What will the Loan Review Committee Look For?
The U.S. Department of Housing and Urban Development (HUD) mandates that all loans made from CDBG funding be adequately reported upon. In order to meet these federal government requirements, Dryden needs to show that money from loan funding is being used for two purposes:
Create or Retain Jobs
As part of a federal initiative, CDBG funding is prioritized to go to businesses that create or retain jobs within the district they operate in. This means that any businesses seeking funding must show how they are either retaining or creating new jobs in the Town of Dryden.
Benefit People of Low and Moderate Income
As federally mandated, 51% of annual loan funding must go to businesses that benefit people of low and moderate income. This number is set by the federal government: 2017 estimates state that people are considered to be of low income if their household income is less than or equal to $37,791.50 and medium income if their household income is less than or equal to $60,466.40.