PARTNERSHIP FOR DEVELOPMENT SERVING ALLEGANY, CATTARAUGUS, & CHAUTAUQUA COUNTIES
 
  
Center for Regional Excellence
   4039 Route 219, Suite 200
   Salamanca, New York  14779
   Phone: 716.945.5301 
   Fax: 716.945.5550


 

  
 !! UPCOMING TRAINING !!
  
PROGRAM AREAS










SOUTHERN TIER ENTERPRISE DEVELOPMENT ORGANIZATION (STEDO)
The STEDO loan program is for businesses in Allegany, Cattaraugus, and Chautauqua Counties. The primary purpose of STEDO is to create and/or retain jobs and stimulate development of small to mid-sized businesses within the region. STEDO has a strong history of working closely with businesses and lenders to assemble financial packages flexible enough to accommodate the needs of most small business owners. A STEDO loan application must be completed.

For more information in regard to eligible/ineligible loans, view the STEDO Brochure. For additional information, contact Richard Zink at (716) 945-5301 ext 2203 or e-mail him at rzink@southerntierwest.org.   


STEDO Loan Application
STEDO Brochure


~ Loans range from $10,000 - $150,000
~ Interest rates are normally at a fixed rate in the range of prime rate, plus or minus 2%. There is a floor rate of 6% on all new loans
~ The length of time for repayment depends on the use of the proceeds.  Usually 5-7 years for working capital and up to 20 years for fixed assets
~ There is a $100 application fee
~ The borrower should create and/or retain one job for every $5,000 of STEDO monies borrowed
~ Loans are made to supplement private commercial bank loans, not compete with them. STEDO loans are to be thought of as gap financing loans
~ Borrowers must pledge sufficient assets to adequately secure the loan.  Personal guarantees and key person life insurance are required from all owners having 20% or more ownership in the business.  Liens of personal assets of the principals may also be required


Nondiscrimination Statement
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This institution is an equal opportunity provider, employer, and lender.  Discrimination is prohibited by Federal Law.  Complaints may be filed with the USDA, Director, Director of Civil Rights, 1400 Independence Avenue, SW, Washington, DC 20250