Ulster County Launches Revolving Loan Fund for Small Businesses, Nonprofits

KINGSTON, N.Y. — Ulster County has launched a revolving loan fund offering low-interest financing to help small businesses and nonprofit organizations expand, make capital improvements and bridge funding gaps.

The program, administered through the Ulster County Economic Development Alliance in partnership with the Ulster County Department of Economic Development, offers fixed-rate loans ranging from $7,500 to $150,000.

The updated program includes three loan categories:

Micro Loans: $7,500 to $15,000 for smaller capital needs, particularly for businesses with limited collateral or credit history.

Gap Loans: Up to $75,000 to supplement commercial financing and close remaining funding gaps.

Bridge Loans: Up to $150,000 for nonprofit organizations awaiting grant reimbursements.

Loan funds may be used for commercial property acquisition and redevelopment, construction and renovation projects, machinery and equipment purchases, site improvements, working capital, inventory and other project-related expenses.

“The Revolving Loan Fund is a powerful tool to help our local businesses and nonprofits grow and flourish,” Ulster County Executive Jen Metzger said in a statement. “The loan products have been thoughtfully designed to meet the financing needs and challenges they face, especially small businesses, which are truly the backbone of our economy in Ulster County.”

The county said the program is intended for established small businesses and nonprofits that are financially sound, positioned for growth and able to demonstrate an ability to repay the loans. Applicants must provide owner equity, personal guarantees, collateral and a completed business or project plan.

The pre-application period opened Friday, with separate forms available for businesses and nonprofits. Formal applications open Aug. 21 and will be accepted on a rolling basis while funding remains available. County staff will contact pre-applicants to schedule in-person meetings to review eligibility before inviting qualified applicants to submit full applications.

The county said the revolving loan fund is designed to expand access to capital for organizations that face barriers to traditional financing, complement commercial lenders rather than compete with them, and create a sustainable lending resource by recycling repaid loans into future lending.

An informational webinar for prospective borrowers will be held Aug. 20 from 2 to 3 p.m. County staff will review eligibility requirements, loan products and the application process, and answer questions from participants.

Program guidelines, pre-applications and webinar registration are available on the Ulster County revolving loan fund website. Questions can be directed to the Ulster County Department of Economic Development by email at dedprograms@ulstercountyny.gov or by phone at (845) 340-3556.