Job Development Program

The Job Development Program (JDP) Revolving Loan Fund is administered by Rensselaer County's Economic Development Office. The fund was created to promote employment opportunities by assisting business seeking to establish or expand in Rensselaer County. The program provides supplemental funding for industrial and commercial development that will result in creating jobs in the county.

Loans are available to most businesses, and may be used for any number of purposes, such as buildings, machinery and equipment, moving expenses, inventory acquisition expenses or working capital. Rensselaer County's Economic Development Office will coordinate your application process to the JDP in an effort to secure the best available financing structure.

• HUD-Funded revolving loan fund
• Available to new and existing businesses manufacturers, wholesalers, retailers with ten or more employees and some service businesses located in Rensselaer County
• Minimum loan amount: $25,000; maximum: $250,000
• Fixed rate (Prime Rate as of date of closing)
• Loan cannot exceed 40% of total project financing
• One job must be created (within three years) for each $25,000 borrowed
• Retail enterprises must employ at least ten workers at time of loan closing to be eligible
• 51% of jobs created must be "made available" to those in low-to-moderate-income families.
• Loan proceeds may be used to acquire fixed assets, purchase inventory, support current accounts receivable and to refinance existing debt where such refinancing is a required element of total project financing

Application for Job Development Program (PDF)

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