Economic Development Loans

Program Objectives

The Economic Development Revolving Loan Program (hereinafter, the Loan Program), administered locally by the City’s Office of Community Development (OCD), was originally funded by a U.S. Department of Housing and Urban Development (HUD) grant. All applicants must agree to federal program requirements. Loan applications are accepted on a rolling basis, and are evaluated for approval as funding becomes available through repayment of prior loans.

The Loan Program serves two purposes:

  1. To stimulate the creation of job opportunities for persons of low-moderate income. The Loan Program subsidizes these job opportunities by offering low interest loans and/or loan guarantees to businesses physically locating within the City of Saratoga Springs. At least one such job must be created for every $25,000 loaned.
  2. To preserve jobs available to or held by persons of low-moderate income, that would otherwise be lost during times of economic crisis, through relief to small business. The loan program provides $5,000 - $10,000 of working capital to businesses with ten employees or less that can demonstrate extreme financial hardship due to unavoidable and unforeseen emergency circumstances outside of the business owners’ control. Such circumstances may include, but are not limited to, a pandemic, natural disaster, terrorism, mass-rioting, etc.


Current Income Guidelines
Low Income
Moderate Income
Household Size
Maximum Annual Income
Household Size
Maximum Annual Income
1 person
$33,950
1 person
$54,350
2 persons
$38,800
2 persons
$62,100
3 persons
$43,650
3 persons
$69,850
4 persons
$48,500
4 persons
$77,600
5 persons
$52,400
5 persons
$83,850
6 persons
$56,300
6 persons
$90,050
7 persons
$60,150
7 persons
$96,250
8 or more persons
$64,050
8 or more persons
$102,450


Potential applicants MUST read Program Guidelines & Eligibility IN FULL prior to completing the application.

Job Creation Loans

  • $250 application fee.
  • $25,000 - $75,000 loan amounts. One new full-time equivalent position must be created for a person of low-moderate income for every $25,000 loaned.
  • Business is physically located within Saratoga Springs city limits.
  • Business must prove financial stability and/or demonstrate a feasible business model with practical financial projections.
  • Personal guarantees from the principals of the project company is a mandatory requirement for all loan applications. These may include, but are not limited to, personal real property liens and assignment of life insurance benefits.
  • Interest rates will be negotiated on a case by case basis but will carry a minimum charge of the Prime Rate minus 1%, not to go below 0%.
  • Fixed asset loan repayment will carry a term not to exceed the useful economic life of the specific circumstances related to a project.
  • Repayment schedules for working capital loans will be negotiated on a case by case basis, with amortization generally not to exceed 3-5 years.

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Job Creation Application

Guidelines & Eligibility

Income Self-Certification Form

Job Retention Loans

  • $50 application fee.
  • $5,000 - $10,000 loans for working capital only.
  • Current level of staffing must be maintained for at least one year.
  • Business must be a microenterprise (employs less than ten people), and employ 51% or more low-moderate income persons.
  • Business must operate a permanent, physical commercial storefront (open to the public) location within City limits.
  • A significant financial burden directly tied to a qualifying emergency event must be demonstrated. Such financial burden may be demonstrated by a minimum of 40% reduction in gross receipts, or comparable fiscal challenges. 
  • .25% interest rate with accrual deferred for one year following loan disbursement.
  • Repayment schedules will be negotiated on a case by case basis, with amortization generally not to exceed 3-5 years.
  • Applicant must demonstrate that the loan funds requested will not result in the duplication of any government-issued benefits.


Downtown at Night

Job Retention Application

Guidelines & Eligibility

Income Self-Certification Form