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 the coronavirus global pandemic. This program will assist businesses in covering short-term working capital needs, as well as capital expenses associated with building business resiliency, while the economy is recovering from the effects of shutdowns and pandemic-related limitations.

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, tattoo parlors, and tanning salons];
*    Must be located within Oneida County or Herkimer County;
*    Applicant firms must have 25 or fewer FTE employees and be in existence since January 1, 2019;
*    Businesses must demonstrate financial losses directly attributed to the COVID-19 pandemic;
*    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 include, but are not limited to smoke shops, liquor stores, gambling facilities, tattoo parlors, 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
*    Loans will range in size from $5,000 to $25,000;
*    Interest will be three (3%) percent for the term of the loan;
*    Loan repayment will range from 24-60 months, and will be structured based on business need and circumstance;
*    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;

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

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.