Department of Planning and Development

Family Business Loan Program

In July 2005, representatives from Provident Bank, the Federal Home Loan Bank of New York, the Small Business Administration (SBA) 504 program, the Cities of Newburgh and Middletown, and the Progress Development Corporation announced a new $51 million initiative to enhance family-owned and small businesses in Newburgh, Middletown and Port Jervis.

This program offers local small businesses below-market fixed rate commercial loans with reduced equity requirements and processing times. Businesses can use the funds to acquire real estate, machinery or equipment for expansion or modernization.

A business is categorized "small" if the business’ revenues are under $500,000 per year by the current SBA loan standards. Larger businesses may also qualify. One of the goals of this program is to increase job creation, which will help the economy as well as local residents.

For more information, contact Jasmin Miranda at (845) 569 9400 ext 204 or email her at jmiranda@cityofnewburgh-ny.gov