St. Lawrence County Industrial Development Agency Local Development Corporation Business Venture Fund
Summary Sheet:
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.