Center for Regional Excellence
4039 Route 219, Suite 200
Salamanca, New York 14779
UPCOMING TRAINING !!
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
STEDO Loan Application
~ 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
~ 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
~ 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
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