POUGHKEEPSIE, N.Y., Feb. 27, 2019 /PRNewswire/ -- The City of Poughkeepsie has launched a community development plan with a goal of improving the business climate spreading over several blocks within the City's downtown area, including its historic Main Street. As part of the City's ongoing revitalization efforts, the Poughkeepsie Innovation District and associated rezoning focuses on a narrow geographic area in order to increase its potential for success.
With the Poughkeepsie Innovation District addressing a significant portion of the area's core commercial district, Rhinebeck Bank has officially announced their support of this initiative by establishing a $3,000,000 Loan Fund. Rhinebeck Bank will provide business loans through their commercial express loan product, as well as other financing for equipment, vehicle purchases, leasehold improvements, and commercial real estate transactions under preferred pricing structures and terms to the prospective borrowers.
Rhinebeck Bank will waive bank fees for these loans and provide a below market rate for the loans, generally at .75% above a treasury rate index, resulting in a 5 year fixed rate at approximately 3.25% based on current rates.
This is not Rhinebeck Bank's first time supporting community development plans. In 2016, the Bank established a $3,000,000 loan fund for the Newburgh Creative Neighborhood initiative, closing or committing $2,500,000 in business loans to date for the area. The Bank has also partnered with the City of Poughkeepsie to attract and encourage involvement from businesses and residents in its downtown area as a founding sponsor of "First Fridays," a popular and growing initiative.
Michael J. Quinn, President & CEO of Rhinebeck Bank said: "improving cities in the Hudson Valley cannot be left to government alone. Rhinebeck Bank is proud to collaborate with the City and all of its stakeholders at such an exciting time in the City's history. Our intent is to be one part of the effort to restore vibrancy and support smart growth in the City's downtown core. Funding is a major factor in community growth and we're proud to provide a key source for future business expansion in the city. If you're a business in the Poughkeepsie Innovation District and need funding, please call us to explore possible financing opportunities. Our loan officers are available to provide advice and expertise to help applicants put together their loan application and supporting documentation necessary to be considered for approval under this program."
For over 158 years, Rhinebeck Bank has been an integral part of the area's economic growth and a driving force for commerce along the Hudson River. Rhinebeck Bank takes pride in being personally involved in local businesses, communities and charitable organizations. Their ability to be responsive to the needs of their customers and community has led their continued growth. For more information about Rhinebeck Bank or any of their products or services, please visit www.RhinebeckBank.com.
SOURCE Rhinebeck Bank