St. Lawrence County Industrial Development Agency Local Development Corporation Business Venture Fund
Area of Eligibility:
Businesses located in St. Lawrence County.
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).
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.
Minimum equity investment of 10%.
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.
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.
$100 non-refundable application fee. Borrower is also responsible for all closing costs, if applicable.
Four to six weeks, on average.