What We Do
REDEC and REDEC Relending Corporation (RRC) have a variety of different loan programs available to assist small business located in Chemung, Schuyler and Steuben Counties of New York State. The programs vary based on eligible uses and the maximum amount of funding which can be requested. REDEC and RRC can tailor a loan program that best fits your businesses financing needs. Loan programs available include:
- the REDEC/RRC revolving loan program can provide financing for up to 50% of a total project cost, up to $100,000; whichever is less.
- the RRC micro loan program can provide financing for up to 50% of a total project cost, up to $20,000; whichever is less.
- The SBA micro loan program can provide financing up to $50,000 based on specific project criteria. Contact the REDEC/RRC for guidelines. This program is also available in Tioga County, NY.
REDEC/RRC utilizes a loan process similar to that of private lending institutions. One of the main goals of REDEC/RRC is to promote economic development projects, increase the region’s employment opportunities, and provide banks with additional flexibility and a willingness to take additional risks. By acting as a “gap financer”, REDEC/RRC is able to partner with private lending institutions and provide financing to small businesses that might otherwise not have the opportunity to start up or expand.
In addition, to its own loan programs, REDEC/RRC provides administrative services to other loan programs in the region and based on the project, REDEC/RRC financing can be used in conjunction with other local resources.