Projects that are generating new investment and creating new permanent employment in the County can be eligible for low-interest financing through the Greene County Quantum Fund Financing Program.
Quantum Fund loans can provide a maximum of 50% of the project financing. The remaining financing may be bank financing, other private financing and owner’s equity. There must be sufficient collateral to secure all financing, so an owner’s equity contribution is strongly encouraged.
The interest rate for Greene County loans is: 1⁄2 prime rate + 1%. The current rate is: 3 1/8%.
$20,000-$50,000 – re-payment in up to 7 years.
$50,000-$100,000 – re-payment in up to 10 years.
Over $100,000 – re-payment in up to 15 years.
Typical projects create a minimum of one full-time equivalent job for each $20,000 of Quantum Fund financing provided. Jobs created must be taken by or made available to low and moderate income persons.
All projects must demonstrate a need for below-market financing. The loans are not intended to replace available bank financing but instead serve as “gap” or “subsidy” financing. “Gap” loans are defined as those that provide funds needed to complete a total project that would otherwise not be available from other sources. “Subsidy” financing comes into play when sufficient funds are available from other sources, but the cost of these funds are at a level as to render the total project financially unfeasible. The economic development loan is therefore required for a lower total project funding rate.
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