MESSAGE FROM THE PRESIDENT
The Amherst Chamber Launches a New Member Benefit
ARE YOU IN NEED OF CAPITAL TO START AND GROW YOUR BUSINESS?
If so, the Amherst Chamber of Commerce can probably help! We have partnered with the Erie County Industrial Development Agency (ECIDA) to offer our members up to $50,000 in financing at a low interest rate (currently 4%). This money can be used for working capital, to upgrade your technology, for new machinery, to buy inventory or add staff or for a new business start-up. The funding is available for any Amherst Chamber member who qualifies.
So, what do you need to qualify? You need a business plan. There is no credit score minimum. You can have less than perfect credit and still qualify as long as you don't have any recent bankruptcies or tax liens. It takes about 3-4 weeks for loan approval. Your business must be located in Erie County and businesses in rural communities may be eligible for better terms. Loan terms are up to 10 years. Your business can be a DBA, a partnership or a corporation. If a bank has turned you down, you can qualify for this funding. A bank may fund a portion of the desired loan and this program can fund the difference. Our Executive Director of Small Business, Kim Whelan, will meet with you to help determine your eligibility.
Please note that the Amherst Chamber of Commerce is NOT the lender. In response to member feedback, we are partnering with the ECIDA to make this program available exclusively to our members. Our role is to market the availability of the funding, vet and advise the applicants and forward the data to the ECIDA for approval and subsequent funding.
Access to Capital is one of the biggest challenges our members encounter. This is another example of the Amherst Chamber of Commerce's commitment to providing products and services that increase our members' success.