UIDC COVID-19 Loan Program Eligibility Survey
Program Objectives
The objective of the Utica Industrial Development Corporation (UIDC) COVID-19 Loan Program (the "Program") is to help existing companies in Oneida and Herkimer Counties keep existing jobs and maintain overall viability during and immediately after the Coronavirus global pandemic. This program will assist businesses in covering rental and utility costs, as well as short-term working capital needs, while much of the economy is shut down or beginning to reopen with operational limitations still in place.

Program Eligibility Criteria
*    Must be a registered NYS for-profit legal business entity [excluding "sin businesses,"  including but not limited to: smoke shops, liquor stores, gambling facilities, and tanning salons];
*    Must be located within Oneida County or Herkimer County. Priority is given to those within UIDC's target investment area, which is generally defined as the urbanized area connecting the Cities of Utica and Rome, and the Village of Herkimer;
*    Applicant firms must have 25 or fewer FTE employees and be in existence since January 1, 2018;
*    Businesses must demonstrate financial losses directly attributed to the COVID-19 pandemic;
*    Must NOT have already been approved for the federal Paycheck Protection Program (PPP). Those businesses that have applied but do not yet know if they have been approved are eligible to apply. Those businesses that subsequently close on a PPP loan must repay Oneida County the amount that they have received;
*    Applicant must present a reasonable likelihood for long-term viability.

UIDC reserves the right to provide funding at its sole discretion.
Ineligible Activities
*    Speculation or real estate assistance for primarily ownership, sale, or investment purposes
*    Currently (at time of application) or subsequently (within the period of the grant agreement) deemed illegal
*    "Sin businesses," which are defined as smoke shops, liquor stores, gambling facilities, and tanning salons

Employment Requirement
*    Businesses receiving loan funds will be required to retain all employees for the term of the loan.

Financial Assistance Characteristics
*    Funds will be distributed via a third-party payment agreement, in which EDGE will directly pay the landlord or utility company on behalf of the applicant company
*    Loans will range in size from $5,000 to $15,000;
*    Interest will be four (4%) percent for the term of the loan;
*    Loan payments would be deferred for the first three months, followed by a three-month interest-only period, followed by a 24-month amortization;
*    No physical collateral required, however, personal guarantees of ALL owners of the applicant will be required;
*    No application fee; $250 underwriting/closing costs will be capitalized in the loan;
*    No prepayment penalty;
*    Due to limited nature of funds, the amount loaned may be less than the amount requested by the applicant;
*    If PPP funding is subsequently approved, UIDC COVID-19 Loan funds shall be repaid by the business

Program & Grant Administration Application Processing
For the project request to be processed, all information must be included, complete and additional information may be requested. The application will be processed by UIDC as follows:
*    Qualification survey completed;
*    Completed loan application w/ following attachments:
1)    Request for Personal Credit check on all owners of the applicant;
2)    Previous fiscal year financial statements or Federal business tax return;
3)    Current fiscal year internal financial statements, including a current accounts payable aging report;
4)    Concise statement of need/request for loan funding.

Loan Documentation
*    Promissory Note;
*    Personal Guaranty(s);
*    Current Job certification

UIDC reserves the right to provide funding at its sole discretion.

Application Review, Approval and Timing
Each application will be reviewed upon receipt of all required documentation. Decisions on approval or denial of loan funds will be made within two weeks of application submission. Applications will be taken on a rolling basis until all funds are exhausted.