Areas Served: Broome, Chenango, Cortland, Delaware, Otsego, Tompkins, Tioga and Schoharie Counties
The STEED RLF Program is primarily designed to assist start-up and existing firms in the eight County STEED Region by offering low interest financial support for the purchase of fixed capital assets or working capital.
Eligible businesses may finance up to 40% of a project’s cost up to a maximum of $200,000. LOAN SIZE: Loans shall be governed by a $15,000 maximum cost per job factor based upon a three (3) year new employment or job retention project.
The maximum loan for land, building, machinery and equipment (fixed assets) or working capital that one applicant may borrow is $200,000 or 40% of the total project cost whichever is less.
Special consideration for greater participation up to 50% will be given to projects that create high end, high wage positions and/or a substantial number of new job opportunities.
PRIVATE SECTOR INVESTMENT: Loans will preferably be made in conjunction with private sector lending sources, owner equity, private equity or other private sources.
EQUITY: Projects will normally require a minimum 10% owner equity and a minimum 40% bank participation.
Exceptions to this structure may be considered on a case-by-case basis.
LOAN SECURITY: All loans will be secured by the highest position available on one or more of the following assets: Land, Buildings, Machinery, Equipment, Accounts Receivable and Inventory and/or personal assets or such other assets as are deemed appropriate.
In addition loans will require corporate and/or personal guarantees unless a situation exists where such guarantors are not available, (i.e., widely held private corporations).
TERMS: Loans for real estate will have a typical repayment period of ten years; special circumstances can allow for a fifteen year term.
Machinery and equipment loans will have a maximum term of eight years or no longer than the useful life of the assets being financed.
Working capital loans will have a maximum term of three years; special circumstances can allow for a five-year term.
INTEREST RATE: All STEED loans have an interest rate set at seventy five percent (75%) of the lowest published (Wall Street Journal) prime rate, fixed at day of closing.
Real Estate loans having a term exceeding five years will have the rate fixed for five-year periods and the Agency reserves the right to adjust it according to market conditions.
Contact InformationBroome County Industrial Development Agency
Address: P.O. Box 151
City: Binghamton
State: New York
Website:
http://www.bcida.com/advantages/financing.html
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