Areas Served: Herkimer County
Whether you are an existing firm interested in expansion or relocation, or a new firm interested in starting a business in Herkimer County, New York the Herkimer County Industrial Development Agency can assist qualified projects in accessing financing through a variety of local, state, and federal programs.
Available funds include:
HCIDA Revolving Loan Funds The HCIDA operates several revolving loan fund programs, originally capitalized with funds from the County of Herkimer, the US Department of Commerce’s Economic Development Administration (EDA), the US Department of Agriculture’s Rural Development Administration, and the US Department of Housing and Urban Development (HUD).
HCIDA Straight Lease Program In certain instances, the HCIDA can assist a company by holding nominal title to property through its Straight Lease Program.
This offers the company exemption from sales and mortgage recording taxes, as well as reduced real property taxes.
HCIDA Industrial Revenue Bonds (IRBs) Tax exempt industrial revenue bond financing is available to manufacturing firms and 501c3 not-for-profits through the Herkimer County Industrial Development Agency.
These bonds encourage lenders to provide project financing at interest rates substantially below market.
IRBs can be used to finance the cost of land, buildings, machinery, and equipment.
Herkimer County Microenterprise Grant Program The objective of the Herkimer County Microenterprise Grant Program is to fill a void in helping small existing companies or start up companies provide new jobs opportunities, keep existing jobs and ultimately, broaden the tax base of Herkimer County.
The Herkimer County Microenterprise Business Grant Program is designed to support small businesses with 5 or less employees of whom one is the owner of the business.
It is the program’s intent to assist with technical assistance targeted to small start-up enterprises were such assistance is deemed applicable, and ultimately grant for businesses which fit the established criteria for assistance’s for those ventures.
Herkimer County Small Business Revolving Loan Fund Herkimer County has established a Small Business Loan/Grant Revolving Loan Fund to provide low-interest loan and grant funding for projects that expand and/or retain employment opportunities for businesses with less than ten employees.
Contact InformationHerkimer County Industrial Development Agency
Address: PO Box 390
City: Herkimer
State: New York
Website:
http://www.herkimercountyida.com/financingprograms/
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