Areas Served: Niagara County
Injection Loan Program The primary aim of the program is to assist those engaged in the manufacture, assembling or wholesaling of goods or engaged in the retailing of goods or services in the financing of fixed assets or working capital where such financing will assist in creating employment opportunities for person of low and moderate income or assist in the elimination of slums and/or blight.
Eligibility: The business must indicate, on a cash flow basis, an ability to repay the loan.
Waivers shall be required for all start-ups and projections and feasibility must indicate a strong ability to repay the loan.
Personal guarantees shall be required for each loan.
Loan Limits: – A maximum of 10% of the total project coSt. – For each $35,000.00 of loan funds allocated, one new job must be created.
Development Loan Program Purpose: The primary aims of the program are to assist speculative fixed asset development projects of an industrial and/or commercial nature which will result in a significant increase in employment opportunities for persons of low and moderate income of assist in the elimination of slums and blight.
Eligibility: Any commercial or industrial developer proposing a project within the corporate limits of the City who can demonstrate an ability to repay the loan based on either historical financial statements or projections and feasibility studies or a combination of the two.
Final credit determination is at the sole discretion of the Greater Lockport Development Corporation economic development staff at the Common Council.
Loan Limits: – A maximum of 20% of the total project coSt. – For each $1.00 of loan funds allocated, a minimum of a combination of $4.00 of Federal, Sate, conventional funds and equity (private funds) must be invested in the project.
– For each $35,000.00 of loan funds allocated, one new job must be created
Contact InformationGreater Lockport Development Corporation
Address: One Locks Plaza
City: Lockport
State: New York
Website:
http://www.elockport.com/PDFs/forms/Economic-Development-Programs.pdf
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