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.

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.

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

Review Process:
Four to six weeks, on average.