Rhinebeck Bank Announces a $3,000,000 Loan Fund

NEWBURGH – The Hudson Valley Pattern for Progress has launched a community development plan with a goal of improving the business climate in an approximate six square block radius within the City of Newburgh. With the intent to increase the impact of one of the City’s anchor projects, SUNY Orange Newburgh, the Creative Neighborhood was defined in a narrow geographic area in order to increase its potential for success.

Last week at the Hudson Valley Tech Meet Up, Rhinebeck Bank announced their support of this initiative by establishing a $3,000,000 Loan Fund for the Creative Neighborhood. 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 1.90% based on current rates.

“Improving our cities in the Hudson Valley requires a community effort.  Rhinebeck Bank is proud to be part of this effort and thanks all other participants for their involvement in this initiative. Newburgh was once a great thriving city – it still has the ability to recapture its past and our intent is to be one part of the effort to restore businesses to the downtown area. Funding is a major factor in community growth and we’re proud to provide a source for future business expansion in the city. If you’re a business in the Creative Neighborhood area of Newburgh and need funding please call us to explore the possibility of financing with us. Most importantly, our loan officers are ready to provide advice and expertise to help applicants put together their loan application information to be considered for approval under this program.” said Michael J. Quinn, President & CEO of Rhinebeck Bank.

Rhinebeck Bank has been an integral part of the community since 1860.  They are committed to remaining a local, independent bank; helping people and business flourish in the Hudson Valley.