Micro Advantage Loan Program

Micro Advantage Loan Program is sponsored by Monroe County Economic Development. The Micro Advantage Loan Program provides funds to businesses in Monroe County that may not otherwise be candidates for traditional bank loans. It can be used for nearly any business financing need, from working capital to equipment purchases.

Monroe County, NY - Monroe County MicroAdvantage Loan Program Adam J.

Bello · County Executive Diversity, Equity & Inclusion Environmental Services (DES) Geographic Information Services (GIS) Monroe Community College (MCC) Monroe Community Hospital (MCH) Research Strategy & Development Diversity, Equity & Inclusion Environmental Services (DES) Geographic Information Services (GIS) Monroe Community College (MCC) Monroe Community Hospital (MCH) Research Strategy & Development COVID-19, Flu, & RSV Resources Facebook - Monroe County Public Health Youth Risk Behavior Survey Women, Infants & Children Program (WIC) Children & Youth with Special Health Care Needs (CYSHCN) Early Childhood Development Epidemiology & Disease Control Information Services Home / Contact Customer Services Division Technical Services Division Litigation and Collections Child Support Enforcement Legislature Home / Contact Referrals, Resolutions, and Local Laws Standing Committee Assignments (as of 1/20/26) Legislative District Revision Commission 2023 Compensation Policy Commission 2024 Budget Summary Statement 2017 Legislature Proceedings Public Safety Training Facility Public Defender Home / Contact Staff Phone & Email Directory Youth Bureau Home / Contact Runaway and Homeless Youth Services Driving Information (DMV) Resources For Parents & Youth Guide to Youth Support Services Addiction Support & Services Monroe County School Listing Young & Gifted Global Ministries Office for the Aging Home / Contact Age-Friendly Monroe County Petitions, Candidates, & Election Updates Interpreters & Language Access Research Strategy and Development Treasury / Property Taxes Hotel Cert of Registration Hotel Tax Remittance Form Planning & Development Home / Contact Plan Forward - Comprehensive Plan Bring Monroe Back - Recovery Plan Vacant Property Resource Hub Capital Improvement Program County-Wide Active Transportation Plan Land Use Decision-Making Training Program Land Use Planning Resources Municipal Land Use Report Sustainable Business Roundtable Planning and Development Home Economic Development Home / Contact MicroAdvantage Loan Program Purchasing or Constructing a Building Monroe on the Job Program Monroe Manufactures Jobs - MCC Monroe Manufactures Jobs - Arc Flame Center MCIDC Not-for-Profit Application Greater Rochester Enterprise Small Business Administration Rochester Chamber of Commerce Rochester Downtown Development Corporation County Executive Home / Contact Monroe County Now Newsletter News and Media Information 2019 Shared Services Plan Monroe County Library System (LIBRA) Monroe County Family Court Monroe County Public Defender's Office Purchasing Home / Contact Doing Business with Monroe County Public Bids with Specifications and Plans RFPs (Requests for Proposals) Online Purchasing Information New York State Office of General Services New York State Contract System and MWBE Information City of Rochester Purchasing Department New York State Association of Municipal Purchasing Officials National Institute of Governmental Purchasing Veterans Service Agency Home Homeless Veterans Resources Legal: Pro Bono Resource Center Return the F.

A. V. O.

R.

Discount Card Nature Based Therapy Program PACT Act Presumptive Conditions Separation Papers and DD214s Veterans Service Organizations Vietnam Veterans Memorial Corporation of Greater Rochester, Inc. Department of Veterans Affairs VA Home Loan Guaranty Services Veterans Benefits Administration Human Services Home / Contact Adult Protective Services Child and Family Services Child Protective Services Children's Detention Center Complex Needs & Cross Systems Youth Faith Based & Community Initiatives Family Access and Connection Team (FACT) Office of Community Engagement & Partnerships (OCEP) District Attorney Home / Contact Monroe County District Attorney's Office Weekly Bulletin Vehicle and Traffic Reduction Request Policy Conviction Integrity Unit Victim and Witness Assistance Bureau Internship Information Flyer Employment Opportunities for Attorneys Mental Health Home / Contact Emergency Crisis Services Servicios de Crisis y Emergencia Intellectual & Developmental Disabilities Services Children & Youth Services Procurement Opportunities Frequently Asked Questions Online Business Enrollment Frequently Asked Questions Public Safety Home / Contact Emergency Medical Services Probation & Community Corrections - Alternatives to Incarceration Communications & Radio Center Public Safety Training Facility (PSTF) STOP-DWI & Traffic Safety Local Emergency Planning Committee (LEPC) National Incident Management System (NIMS) Child Care Provider Planning Tool U.S. Department of Homeland Security New York State Office of Homeland Security Human Resources Home / Contact Civil Service Information Applications, Forms & Study Guides Non-Discrimination Policy Helpful Online Information Geographic Information Systems (GIS) Home Irondequoit Bay Park West Lehigh Valley Trail Linear Park Reserve a Lodge or Shelter Reserve a Highland Park Wedding Ceremony, Reception, or Pictures Location Apply for a Special Use Permit Access Insurance Requirements for Special Use, and Tents/Inflatables Providers Learn about Springdale Farm Access Parks Law/ Rules/Policies Learn about Parks Winter Activities Learn about Parks Conservation Efforts 2024 Irondequoit Bay System Trail Survey Northampton Park Trail Study Environmental Services Home / Contact Community Climate Action Fund Pilot Program Engineering & Facilities Management Geographic Information Systems (GIS) Basement Sewage Information Household Hazardous Waste Wastewater Treatment Facilities Hours / Location / Contact DMV / Auto License Bureau Online Records Subscription Request Copies of Documents Return The F.

A. V. O.

R.

Veterans Discount Card LAP (Language Access Plan) Communications Home / Contact Freedom of Information Law (FOIL) Request Form Transportation (DOT) Home Major Maintenance & Traffic Engineering Transportation Engineering & Permits Transportation Operations Traffic Signal Engineering & Operations Administration & Planning Report a Stormwater Complaint Highway Access Guidelines Vendor Insurance Requirements Municipal Sidewalk Funding Application Diversity, Equity and Inclusion Environmental Services (DES) Geographic Information System (GIS) Monroe Community College (MCC) Monroe Community Hospital (MCH) News and Media Information Office of Public Integrity Home / Contact Whistleblower Hotline Form 2022 Administrative Report 2021 Administrative Report 2020 Administrative Report 2019 Administrative Report 2018 Administrative Report 2017 Administrative Report Real Property Home / Contact MCDES /MCPW Easement Map Requirements MCSO & Real Property Subdivision Map Requirements Property Instrument Survey Maps - How to Find Licensed Land Surveyor - How to Find Environmental Health Home / Contact Housing & General Sanitation Septic System Replacement Fund Pesticide Neighbor Notification Locator DMV / Auto License Bureau Home REAL ID and Document Guide Diversity, Equity and Inclusion Home Americans With Disabilities Act (ADA) Equal Employment Opportunity (EEO) Unit Minority & Women Owned Business Enterprises (M/WBE) Info Service Disabled Veteran-Owned Business Program Non-Discrimination Policy Diversity Advisory Council Mental Health Children & Youth Services Home Children and Youth Single Point of Access (SPOA) Referrals Child and Family Treatment & Support Services (CFTSS) Monroe County Children's System of Care Spreading Wellness Around Town (S.

W. A. T.)

Youth Council TIG (Trauma, Illness & Grief) Consortium & Grief Resources Mental Health Adult Services Home / Contact Adult Single Point of Access (SPOA) Referrals Assisted Outpatient Treatment (Kendra’s Law) Disaster Mental Health Response Team Forensic Intervention Team (FIT) Rapid Engagement Delivery (RED) Team Environmental Services Home Early Childhood Development Early Intervention Home / Contact Local Early Intervention Coordinating Council (LEICC) Preschool Special Education Pistol Permits Home / Contact Transferring a Firearm To or From a Dealer Transferring a Firearm From a Family Member Adding a Firearm From a Deceased Individual Applying for a Pistol Permit Semiautomatic Rifle Permits Transferring a Pistol Permit Lost, Stolen, or Replacement Permit Attestation for Receipt of Pistol Permit Approval Letter Self-Certification for Firearm Safety Courses List of Self-Certifications for Firearm Safety Courses Traffic Safety / STOP-DWI Home School Bus Safety Program Traffic Safety Board (MCTSB) Faces of Recovery & Stories of Hope Grief Support for Substance Related Loss Solid Waste & Recycling Home "How Do I Recycle…?"

Search Donations/Textile Recycling Miscellaneous Items/Materials Plastic Bags/Product Wrap Vape Pens & Electronic Cigarettes Yard Waste/Compost Give Back Recycling Newsletter Signup Recycling Center Video Tour Monroe County LIbrary System - Local History & Genealogy Research Strategy and Development Home / Contact Overdose Fatality Review Team - Electronic Waste Collection Event Notification Organics Recycling & Composting Pharmaceutical Waste Disposal Polystyrene Foam/Plastic Bags Schools Food Waste Diversion Pilot Program Submit Language Access Complaint Planning and Development Home Economic Development Home / Contact MicroAdvantage Loan Program Purchasing or Constructing a Building Monroe on the Job Program Monroe Manufactures Jobs - MCC Monroe Manufactures Jobs - Arc Flame Center MCIDC Not-for-Profit Application Greater Rochester Enterprise Small Business Administration Rochester Chamber of Commerce Rochester Downtown Development Corporation Monroe County MicroAdvantage Loan Program Frequently Asked Questions (FAQ) Frequently Asked Questions (FAQ) The Monroe County MicroAdvantage Loan Program is targeting those underserved businesses and those who have had their access to capital negatively impacted by the COVID-19 crisis.

The effort consists of a loan program designed to provide access to capital up to $50,000 for qualified applicants and technical assistance to local small businesses, with a focus on certified MWBE enterprises and Service Disabled Veteran Owned Businesses. The microloan program is intended to serve as gap financing when other sources of capital are not available.

Part of the goal is help the business graduate to the next level of commercial lending able to obtain funding from a commercial bank. What are the loan amounts? The loan amounts range from $10,000 to $50,000.

How many loans are being distributed? Approximately $5 million will be available to be loaned to qualified small businesses headquartered in Monroe County. How do you decide who is selected to receive a loan?

Applications will be reviewed for approval on a rolling basis when a completed application is submitted. The loan program will emphasize diversity in distributing funds, prioritizing certified minority and women-owned businesses and certified service disabled veteran owned businesses. Visit the application page here to get started.

You may also download the application and submit a hard copy . The Microloan Fund will open on June 1, 2023. Is there a cost to apply?

Yes. There is a $100. 00 application fee and a $250.

00 commitment fee. The commitment fee is eligible to be funded with the loan proceeds by increasing the loan amount. In addition, the applicant will be responsible for paying direct out of pocket costs of MCIDC in making the loan including, but not limited to, state and federal tax lien searches, corporate searches and UCC filings.

I have more than one business. Can I fill out an application for each of my companies? Yes, as long as the businesses are legally separate entities (documentation required).

Where did this funding come from? Monroe County received funds from the American Rescue Plan Act (ARPA) to respond to the COVID-19 pandemic and its economic effects in Monroe County. The microloan fund will provide resources to eligible small businesses to build a stronger and more equitable economy during the recovery from the effects of the COVID-19 pandemic.

Will my information be kept private? All information collected is used to evaluate your application. All personal and business financial information will be kept confidential to the extent permitted by law.

How will I receive the loan funds? Loan funds will be disbursed to the entity named on the completed W9. Business banking information for ACH is required.

What is the interest rate? The interest rate is a fixed rate of 5%. For WMBE Certified and Service Disabled Veteran Owned Certified businesses the rate is 4% fixed at closing.

Is there an age requirement to apply? Yes, the age requirement is 18 years or older at the time of application. Can I apply for a loan if my company is based outside Monroe County, NY?

No. Only companies headquartered in Monroe County, NY are eligible to apply. I have a business that has multiple locations. When it is stated that the business must be 25 or fewer FTEs (full-time equivalents), does this apply to only one location, or does it apply to the company as a whole?

All employees count towards the 25 FTE census. Am I eligible if I live outside of Monroe County, NY? As long as your business is located in Monroe County, NY, you are eligible to apply.

Your personal residence can be in one of the contiguous counties. What are the eligibility criteria? Companies must meet the following criteria to be considered eligible for a microloan.

Business Type: For-profit companies; LLPs, LLCs, Sole Proprietorships, Partnerships, C-Corps, and S-Corps Location: Headquartered in Monroe County, NY Revenue: Less than $4. 0 million in annual revenue, based on Federal Tax Return Employees: 25 or fewer W-2 based FTEs at the time of submitting your application Other: Companies must be able to provide that the funds will be used to respond to the negative economic impacts of COVID-19.

Do part-time employees count as an employee? Yes, any person on payroll counts as an employee; however, part-time employee hours need to be converted to FTEs to determine if the 25 employee FTE maximum is met (see the following question). What constitutes a full-time equivalent (FTE) employee?

When an employer has a 40-hour workweek, employees scheduled to work 30 hours per week or more are considered 1. 0 FTE. Employees scheduled to work less than 30 hours per week are considered 0.

5 FTEs. Do independent contractors and consultants count towards the employee criteria? No, they do not count towards the employee total.

Is the loan program available to nonprofits or charities? No, this program is only open to for-profit businesses. Is the loan program available to franchises?

Franchises owned locally (not corporate franchises) with 5 or less locations do qualify. If each location is individually incorporated for the purposes of this program they will be considered as one entity due to ownership. What other types of companies are ineligible to apply?

Residential and commercial real estate property rental business, equipment leasing companies and other passive entities. Investment vehicles that invest in the securities of other entities. Adult entertainment businesses and Cannabis related businesses.

Are there any other ineligibility criteria? County, State & Federal-level elected officials and any immediate household members who have an ownership interest in a company are ineligible to apply. Any companies and owners currently delinquent on any state, local or federal taxes are also ineligible to apply.

This includes Real Property taxes. Are there any requirements regarding how microloan recipients can spend the loan money? Yes, the funds must be used for legal business purposes.

Can I use the money to pay off my small business loan? You may use the loan proceeds to pay for a loan only if it has been used to pay for valid business operations expenses. A reasonable cash flow benefit must result from any refinance.

Does my business need to be open to apply? Yes, your business must be open and operational, or be a new startup at the time of application. We applied for the PPP program.

Does this conflict? No, businesses who received other COVID-19 related assistance are still eligible to apply. What documents do I need to apply?

View Required Documents PDF Employer Identification Number (EIN) Proof of Incorporation, Partnership, Business License, or official registration with a state or local agency proving the existence of your business. Click here to search the NYS Dept.

of State A list of all owners names, percentage of ownership Two years Federal Tax Returns for the business applicant Personal Tax Return on the business owner Interim Business Financial Statement Personal Financial Statement on all owners.

Existing Business Debt Schedule Background information on the business and on management Approved applications will be required to submit the following: A Form W-9 for the entity that will receive the loan Banking information for ACH, business name of account, bank account number, bank name, bank routing number (to be provided after loan is approved).

When should I expect to hear back as to whether or not my company will receive funding? Completed Applications are reviewed as they are submitted and subject to underwriting approval. Delays in the submission of requested information will delay any decisions.

Can I edit my application after submitting it? The application is NOT editable after you hit the submit button. You can save and edit your application as many times as needed before hitting submit.

We recommend that you take your time reviewing your application and ensuring all information is correct before submitting. Once the application has been submitted any new, updated or corrected information should be immediately made known via email or phone call. Is it “first-come, first-eligible served,” or will you wait until the application deadline before you start to make decisions?

Applications submitted will be reviewed for approval on a rolling basis. Decisions will be made individually based on underwriting standards and information submitted and obtained from outside sources. Loans will continue to be made until all initial funds have been disbursed.

After that, loans will continue to be made through funds repaid from previously extended loans. . The loan program will emphasize diversity in distributing funds, prioritizing certified minority and women-owned businesses, as well as certified service disabled veteran owned businesses.

; . Will the Program accept applications from undocumented immigrant and refugee business owners? Businesses must be owned by individuals who are work authorized and legally able to remain in Monroe County Do I need to pay the money back if I receive the loan?

Yes. This a loan and not a grant. Full repayment with interest is expected and required.

Are applicants subject to a background check? To ensure funding is only made available to eligible and legitimate small businesses, applications will be subject to a multilayered due diligence process, including but not limited to background checks to ensure the business is using a proper tax identification number and that the business is properly registered.

Personal Credit Reports and Business Credit Reports will be obtained on each applicant. What is a Form W-9, and how do I get one? Form W-9, Request for Taxpayer Identification Number and Certification is a one-page IRS information form that individuals and businesses use to send their taxpayer identification number to other individuals, clients, banks, and other financial institutions.

You can obtain a Form W-9 on the IRS website here . What is an EIN? What if I don't have one?

An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number and identifies a business entity. Generally, businesses need an EIN. If your business doesn't have an EIN, please provide your Social Security #.

How do I prove my business address? A current business license Articles of Incorporation Please contact the Monroe County Economic Development: 585-753-2000 Need help with writing a business plan? Small Business Development Center Brockport Downtown Campus 161 Chestnut St - 5th floor Rochester, NY 14604 Accessibility & Standards Non-Discrimination Policy