Newburgh Creative Neighborhood - $3,000,000 Loan Fund
Hudson Valley Pattern for Progress has launched an economic development plan with a goal of improving the business climate in an approximate six square block radius within the City of Newburgh.
Rhinebeck Bank has announced it will support this effort by allocating $3,000,000.00 of our loan portfolio to fund secured term loans including commercial express loans, equipment and vehicle purchases, leasehold improvements and real estate transactions under favorable pricing, advance rates and terms to the prospective borrowers in the Newburgh Creative Neighborhood.
All general underwriting standards and application requirements will remain in effect. Pricing, advance rate and term concessions will include:
- Below market rates
- No bank fees
- Extended amortization periods
- Favorable advance rates
Commercial Express Loans:
Quickly secure up to $250,000 for new and used vehicles or equipment for your business with limited documentation requirements and a decision within one business day for most applications.
Equipment / Vehicle / Leasehold Improvement Loans:
Financing for the purchase of equipment, vehicles, or for leasehold improvements. These loans are available to businesses within or relocating to the Newburgh Creative Neighborhood.
Financing used to purchase or refinance commercial real estate properties. In addition, construction mortgages are available to improve existing properties or develop new sites.
For more information, or to apply please contact:
Richard J. Kolosky
SVP, Commercial Lending
All loan applications are subject to credit approval. Non-Bank fees will still apply. Loans originated under this program are available to buinsesses within or relocating to the Newburgh Creative Neighborhood.