Monroe County MicroAdvantage Loan Program

Contact Email: [email protected]

Frequently Asked Questions (FAQ)

What is this program?

The Monroe County MicroAdvantage Loan Program is targeting those underserved businesses and those who have had their access to capital  negatively impacted by the COVID-19 crisis. The effort consists of a loan program designed to provide access to capital up to $50,000 for qualified applicants and technical assistance to local small businesses, with a focus on certified MWBE enterprises and Service Disabled Veteran Owned Businesses. The microloan program is intended to serve as gap financing when other sources of capital are not available. Part of the goal is help the business graduate to the next level of commercial lending able to obtain funding from a commercial bank.

What are the loan amounts?

The loan amounts range from $10,000 to $50,000.

How many loans are being distributed?

Approximately $5 million will be available to be loaned to qualified small businesses headquartered in Monroe County.

How do you decide who is selected to receive a loan?

Applications will be reviewed for approval on a rolling basis when a completed application is submitted. The loan program will emphasize diversity in distributing funds, prioritizing certified minority and women-owned businesses and certified service disabled veteran owned businesses.

How do I apply?

Visit the application page here to get started. You may also download the application and submit a hard copy.

When can I apply?

The Microloan Fund will open on June 1, 2023.

Is there a cost to apply?

Yes. There is a $100.00 application fee and a $250.00 commitment fee. The commitment fee is eligible to be funded with the loan proceeds by increasing the loan amount. In addition, the applicant will be responsible for paying direct out of pocket costs of MCIDC in making the loan including, but not limited to, state and federal tax lien searches, corporate searches and UCC filings. 

I have more than one business. Can I fill out an application for each of my companies?

Yes, as long as the businesses are legally separate entities (documentation required).

Where did this funding come from?

Monroe County received funds from the American Rescue Plan Act (ARPA) to respond to the COVID-19 pandemic and its economic effects in Monroe County.  The microloan fund will provide resources to eligible small businesses to build a stronger and more equitable economy during the recovery from the effects of the COVID-19 pandemic. 

Will my information be kept private?

All information collected is used to evaluate your application. All personal and business financial information will be kept confidential to the extent permitted by law.

How will I receive the loan funds?

Loan funds will be disbursed to the entity named on the completed W9.  Business banking information for ACH is required.

What is the interest rate?

The interest rate is a fixed rate of 5%.  For WMBE Certified and Service Disabled Veteran Owned Certified businesses the rate is 4% fixed at closing.


Is there an age requirement to apply?

Yes, the age requirement is 18 years or older at the time of application.

Can I apply for a loan if my company is based outside Monroe County, NY?

No. Only companies headquartered in Monroe County, NY are eligible to apply.

I have a business that has multiple locations. When it is stated that the business must be 25 or fewer FTEs (full-time equivalents), does this apply to only one location, or does it apply to the company as a whole?

All employees count towards the 25 FTE census. 

Am I eligible if I live outside of Monroe County, NY?

As long as your business is located in Monroe County, NY, you are eligible to apply. Your personal residence can be in one of the contiguous counties.

What are the eligibility criteria?

Companies must meet the following criteria to be considered eligible for a microloan.

  • Business Type: For-profit companies; LLPs, LLCs, Sole Proprietorships, Partnerships, C-Corps, and S-Corps
  • Location: Headquartered in Monroe County, NY
  • Revenue: Less than $4.0 million in annual revenue, based on Federal Tax Return
  • Employees: 25 or fewer W-2 based FTEs at the time of submitting your application
  • Other: Companies must be able to provide that the funds will be used to respond to the negative economic impacts of COVID-19. 

Do part-time employees count as an employee?

Yes, any person on payroll counts as an employee; however, part-time employee hours need to be converted to FTEs to determine if the 25 employee FTE maximum is met (see the following question).

What constitutes a full-time equivalent (FTE) employee?

When an employer has a 40-hour workweek, employees scheduled to work 30 hours per week or more are considered 1.0 FTE. Employees scheduled to work less than 30 hours per week are considered 0.5 FTEs.

Do independent contractors and consultants count towards the employee criteria?

No, they do not count towards the employee total.

Is the loan program available to nonprofits or charities?

No, this program is only open to for-profit businesses.

Is the loan program available to franchises?

Franchises owned locally (not corporate franchises) with 5 or less locations do qualify. If each location is individually incorporated for the purposes of this program they will be considered as one entity due to ownership.

What other types of companies are ineligible to apply?

Residential and commercial real estate property rental business, equipment leasing companies and other passive entities. Investment vehicles that invest in the securities of other entities. Adult entertainment businesses and Cannabis related businesses.   

Are there any other ineligibility criteria?

  • County, State & Federal-level elected officials and any immediate household members who have an ownership interest in a company are ineligible to apply.
  • Any companies and owners currently delinquent on any state, local or federal taxes are also ineligible to apply. This includes Real Property taxes.

Are there any requirements regarding how microloan recipients can spend the loan money?

Yes, the funds must be used for legal business purposes. 

Can I use the money to pay off my small business loan?

You may use the loan proceeds to pay for a loan only if it has been used to pay for valid business operations expenses. A reasonable cash flow benefit must result from any refinance. 

Does my business need to be open to apply? 

Yes, your business must be open and operational, or be a new startup at the time of application.

We applied for the PPP program. Does this conflict?

No, businesses who received other COVID-19 related assistance are still eligible to apply.


What documents do I need to apply?

View Required Documents PDF

  • Employer Identification Number (EIN)
  • Proof of Incorporation, Partnership, Business License, or official registration with a state or local agency proving the existence of your business. Click here to search the NYS Dept. of State
  • A list of all owners names, percentage of ownership
  • Two years Federal Tax Returns for the business applicant 
  • Personal Tax Return on the business owner
  • Interim Business Financial Statement
  • Personal Financial Statement on all owners.
  • Existing Business Debt Schedule
  • List of uses of Proceeds
  • Background information on the business and on management

Approved applications will be required to submit the following:

  • A Form W-9 for the entity that will receive the loan
  • Banking information for ACH, business name of account, bank account number, bank name, bank routing number (to be provided after loan is approved).  

When should I expect to hear back as to whether or not my company will receive funding?

Completed Applications are reviewed as they are submitted and subject to underwriting approval. Delays in the submission of requested information will delay any decisions. 

Can I edit my application after submitting it?

The application is NOT editable after you hit the submit button. You can save and edit your application as many times as needed before hitting submit. We recommend that you take your time reviewing your application and ensuring all information is correct before submitting. Once the application has been submitted any new, updated or corrected information should be immediately made known via email or phone call.

Is it “first-come, first-eligible served,” or will you wait until the application deadline before you start to make decisions?

Applications submitted will be reviewed for approval on a rolling basis. Decisions will be made individually based on underwriting standards and information submitted and obtained from outside sources. Loans will continue to be made until all initial funds have been disbursed. After that, loans will continue to be made through funds repaid from previously extended loans. .  The loan program will emphasize diversity in distributing funds, prioritizing certified minority and women-owned businesses, as well as certified service disabled veteran owned businesses.; .

Will the Program accept applications from undocumented immigrant and refugee business owners?

Businesses must be owned by individuals who are work authorized and legally able to remain in Monroe County 

Do I need to pay the money back if I receive the loan?

Yes. This a loan and not a grant. Full repayment with interest is expected and required. 

Are applicants subject to a background check?

To ensure funding is only made available to eligible and legitimate small businesses, applications will be subject to a multilayered due diligence process, including but not limited to background checks to ensure the business is using a proper tax identification number and that the business is properly registered.  Personal Credit Reports and Business Credit Reports will be obtained on each applicant.

Additional Resources

What is a Form W-9, and how do I get one?

Form W-9, Request for Taxpayer Identification Number and Certification is a one-page IRS information form that individuals and businesses use to send their taxpayer identification number to other individuals, clients, banks, and other financial institutions.

You can obtain a Form W-9 on the IRS website here.

What is an EIN? What if I don't have one?

An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number and identifies a business entity. Generally, businesses need an EIN.

If your business doesn't have an EIN, please provide your Social Security #.

How do I prove my business address?

  • A current business license
  • Articles of Incorporation
  • Business tax return

Still have questions?

Please contact the Monroe County Economic Development: 585-753-2000

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