Areas Served: Jefferson, Lewis, and St. Lawrence Counties
The Community Development Loan Fund provides financing to businesses in Jefferson, Lewis, and St. Lawrence Counties, with priority given to projects of regional significance to the North Country.
The loan fund targets projects that positively affect the region or enhance particular business sectors.
– Eligible activities include manufacturing, warehousing and distribution, industrial reuse, downtown/commercial revitalization, infrastructure, tourism, healthcare, telecommunication facilities, agri-business and selected agricultural projects.
– Funds may be used for real estate, improvements, machinery and equipment, furniture and fixtures, inventory and working capital.
– Funding is targeted at the lesser of $250,000 or 40% of the total project cost; requests, however may be considered on a case-by-case basis.
– The interest rate is targeted at Prime minus 2 with a floor of 4% adjusted every 5 years; however will be reviewed on a case-by-case basis.
– The term of the loan is 5 years for working capital and varies depending upon the useful life of the assets being financed.
Contact InformationDevelopment Authority of the North Country
Address: 317 Washington Street
City: Watertown
State: New York
Website:
http://www.danc.org/operations/community-development/business-development
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