Areas Served: Cayuga County
The Cayuga County Loan Program was established to stimulate economic activity which would generally not occur in the absence of County assistance.
Specifically, the program seeks to play a catalyst role for business start-up and expansion projects in Cayuga County, New York.
The objectives of the Cayuga County Loan Program are: – Encourage growth and expansion of business within Cayuga County.
– Increase employment opportunities for low and moderate income residents.
– Diversify the local economy.
– Stimulate investment from private lending institutions, not-for-profit and government agencies.
– Assist micro-enterprises (businesses with 5 or fewer employees).
Guidelines: – Loans up to $75,000 or at the discretion of the Cayuga County Loan Committee.
– For every $15,000 borrowed, one new full-time job to be created.
– Interest rates are usually low (prime or below).
– Loan proceeds can be used for working capital, soft costs, acquisition, construction, machinery and equipment.
– Funds can be used to cover up to 40% of the total project costs.
– Projects must be located within Cayuga County.
– Financing Policies – The following financing policies are established to maximize the effectiveness of the program and provide clear guidelines for program administration: Terms of Loans The terms of the loans are established on an individual basis.
In most cases each loan will be amortized over a period not to exceed five (5) years.
Interest Rate Interest rate on all loans will be based upon a fair market interest rate and the credit profile of the applicant.
Contact InformationCayuga County Department of Planning and Economic Development
Address: 160 Genesee Street
City: Auburn
State: New York
Website:
http://www.cayugacounty.us/Departments/Planning-and-Economic-Development/Economic-Development/Business-Assistance
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