Skip to main content

Covid-19 Information: Resources you might find helpful HERE

Project

LC Drives Rural Business Development Grant and IDA-LDC River Valley Bridge Loan

At a Glance

Status

concluded

Agency

St. Lawrence County IDA , St. Lawrence River Valley Redevelopment Agency

LC Drives has developed technology to revolutionize the electric motor business. Getting this first motor into
production will dramatically change the ability to raise large private capital as well as start generating a revenue
stream.
The company has applied for an award (sponsored by the IDA) from the USDA Rural Business Development
Grant (“RBDG”) Program for $57,850. The RBDG grant will enable the company to acquire equipment which will
be purchased through a lease agreement with the IDA. The equipment will allow LC Drives to expand and test
the range of its 20” diameter motor which is being developed for a number of potential markets, including hybrid
electric bus traction and marine propulsion applications.
Empire State Development (“ESD”) awarded the Company a $500,000 capital grant that the Company cannot
draw down until it has expended $2,500,000 in Project-eligible expenses and has met prescribed employment
targets. The Company has certified that it has started the drawdown process and assured ESD that it has met
both its expenditure and employment goals. Since the Company does not expect ESD to reimburse it for the
$500,000 award for up to 5-6 months, it has applied to the St. Lawrence River Valley Redevelopment Agency for
a bridge loan of $100,000 for the Project in order to bridge part of the $500,000 award.

More Projects View All

L.K.R. Enterprises, Inc.

L.K.R. Enterprises, Inc. was formed in July 1996 when the company acquired two Great American Supermarkets (one located in Watertown, the other in Boonville) from Victory Market Corporation, LLC.

Learn More

More Projects View All

Honey Dew Acres, LLC d/b/a Red Shed Tack Shop

Honey Dew Acres LLC is a full-service equestrian facility offering lessons, boarding and training.

Learn More

Ready to Grow your Business?

Top Talent, Global Access, Green Energy, Unparalleled R&D Capabilities- Find your competitive edge in St. Lawrence County

 


Get in touch

We want to hear from you