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There are a number of loan funds available to businesses in St. Lawrence County. Funding is offered for a variety of company sizes and types, from microenterprise firms and startup to large manufacturing and industrial companies.

SLC IDA Local Development Corporation Business Venture Fund

Area of Eligibility:

Businesses located in St. Lawrence County.

Eligible Businesses:

Manufacturing, industrial, commercial and warehousing operations.(No loans will be made for lodging, restaurants, alcohol sales, legal, medical or nursing services, retail firms, casinos and other gambling establishments).

Loan Amount:

Lesser of 30% of the projects cost or $400,000.

Use of Funds:

Real estate acquisition, building construction and rehabilitation, or machinery and equipment acquisition and rehabilitation, or working capital and inventory with adequate security.

Rate and Terms:

Rate fixed at one-half of the prime rate plus one percent.  Terms are normally five to ten years.

Equity:

Minimum equity investment of 10%.

Bank Participation:

The IDA Local Development Corporation will approve applications only when the required commitments from the primary lender and other necessary financing parties have been secured.

Application Considerations:

Job creation and/or job retention is considered.  The applicant’s hiring plan must demonstrate creation or retention of at least one job for every $15,000 of financing.  The borrower is required to fill 51% of new jobs with low-moderate income persons.

Fees:

$100 non-refundable application fee.  Borrower is also responsible for all closing costs, if applicable.

Review Process:

Four to six weeks, on average.

Microenterprise Program

The St. Lawrence County Microenterprise Loan Program provides financing assistance to low-moderate income persons in St. Lawrence County to start or expand their microenterprise businesses (i.e. businesses with five or fewer employees, one of whom is the owner).

Contact us for an application.

Greater Massena Economic Development Fund

The Greater Massena Economic Development Fund was created by the New York Power Authority to induce business enterprises to establish, maintain or expand plants, facilities or operations in the Town of Massena and St. Lawrence County.

The GMEDF will make low-interest loans up to the lesser of 30% of the project’s cost, or $200,000.  The applicant must provide at least a 10% equity contribution to the project.  In-kind labor, materials and/or services may satisfy this contribution. The loan fund is administered by the St. Lawrence County IDA Local Development Corporation.

The 5-member GMEDF Board includes a representative from each of the following: St. Lawrence County Industrial Development Agency, New York Power Authority, New York State Empire State Development Corporation, New York Job Development Authority and Town of Massena.

Area of Eligibility:

Businesses located in St. Lawrence County.

Eligible Businesses:

Industrial, manufacturing, research and development, high technology, agricultural, or non-retail service businesses. (No loans will be made for lodging, restaurants, alcohol sales, legal, medical or nursing services, retail firms, casinos and other gambling establishments).

Loan Amount:

Lesser of 30% of the projects cost or $200,000.

Use of Funds:

Machinery or equipment.

Rates & Terms:

Interest rate is typically fixed at one-half of the prime rate plus one percent.  Terms will generally be ten years for real estate and five to seven years for machinery and equipment.

Equity Participation:

Minimum equity investment of 10%.

Bank Participation:

Normally, a private lender must provide at least 30% of the project financing.

Application Considerations:

The purpose of this loan fund is to offer low-cost financing as an inducement to established firms to expand their operations. As such, it is limited to healthy firms with collateral sufficient to secure the loan. The applicant’s hiring plan must demonstrate they will create or retain at least on job for every $15,000 of funding.

Fees:

$100 non-refundable application fee and closing costs, if applicable.

Review Process:

The entire process should take from 4 to 8 weeks provided all necessary documentation, including other financing commitments, are in place.

Local Loan Funds

In addition to the available countywide and regional lending programs, the following local municipalities have their own individual loan funds.

Canton

St. Lawrence Initiative
Canton Office of Economic Development
(315) 386-2871, x5

Gouverneur

Gouverneur Area Development Corporation Loan Fund
1227 USH 11
Gouverneur, NY 13642
(315) 287-1940

Ogdensburg

Ogdensburg Growth Fund Development Corporation – Low-interest loans for acquisition, renovation, equipment and working capital. A special program for construction assistance may allow for short-term borrowing at 0% when permanent financing has been arranged.

Ogdensburg Empire Zone
330 Ford Street, City Hall, Room 10
(315) 393-7150

Town of Oswegatchie

Oswegatchie Local Development Corporation Loan Fund
Town of Oswegatchie
51 State Street
Heuvelton, NY 13654
(315) 344-1246

Potsdam

The Potsdam Planning and Development Office can originate loans to businesses locating within its Empire Zone in order to help with job creation.

The Micro-Enterprise Loan Fund, administered by the Potsdam Planning and Development Office, offers loans of up to $25,000 to businesses with five or fewer employees, including the owner(s). Funds can be used for working capital, leasehold improvements, machinery and equipment, and real estate development. Additional loan funds of up to $25,000 are also available for larger businesses. All local loans are based on underwriting and programmatic criteria and the availability of funds.

Potsdam Office of Planning & Development
Civic Center, Park Street, Potsdam, NY 13676
Phone 315.265.1670

Regional Loan Funds

Regional loan funds are available to firms in St. Lawrence County from the North Country Alliance (NCA), the Development Authority of the North Country (DANC), and the Adirondack Economic Development Corporation (AEDC).

The North Country Alliance is a consortium of economic development organizations working in New York’s six-county North Country. North Country Alliance members offer a full range of financial resources to support business expansion. In addition to administering the North Country Regional Revolving Loan Trust Fund, the NCA functions as a single point of contact for local, state and federal financing programs available to firms in the North Country.

The Development Authority provides services to enhance the economic development of Northern New York. DANC administers several business loan programs to encourage job creation and retention in Northern New York. These include programs include offerings from the U.S. Small Business Administration (SBA), the New York Business Development Corporation (NYBDC) and the DANC Community Development Loan Fund (CDLF).

The Adirondack Economic Development Corporation (AEDC) is a private not-for-profit 501-c-3 economic development corporation that was formed in 1976 as a cooperative effort of community leaders in towns of the northern Adirondacks, a mountainous rural region of upstate New York. AEDC was created to reduce unemployment and expand employment opportunities for the region’s residents through activities to strengthen and diversify the regional economy. AEDC’s programs combine entrepreneurial training and small business development, community development services, and financing capacity to create multi-level economic opportunities appropriate for an environmentally protected region.

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