A $50,000 state grant announced Wednesday is being utilized to establish a Revolving Loan/Grant program to assist small businesses in Herkimer County.
Aimed at commercial, industrial, manufacturing as well as agricultural businesses with 10 employees or less, funds will be used for projects of up to $6,000.
Applicants will be eligible for $2,000 in grant form and a $2,000 matching loan, with a 2-percent interest rate repayable over 24 months, while providing up to $2,000 of their own equity or capital.