LC Drives Rural Business Development Grant and IDA-LDC River Valley Bridge Loan
At a Glance
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
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.