• Oct 09, 21
• spencergregory
• Revolving Loan Fund Directory
• 0 comment

Wayne County IDA offers several loan programs for businesses in Wayne County, New York.

Wayne County IDA Revolving Loan Fund Enhances industrial development and job creation through low-interest loans in cooperation with private and other government lending programs to provide gap financing for manufacturing projects.

Recipients must create one new job for every $20,000 in loans.

Available for the purchase of land, construction, renovation, machinery and equipment, and working capital.

Loans can be up to 20 percent of projected costs, up to a maximum of $300,000 (subject to availability).

The interest rate is fixed as a percentage of prime adjusted quarterly and the repayment terms are typically the same as set by the principal lender.

For-profit manufacturing, industrial, commercial, warehousing and research companies in Wayne County are eligible.

Retail, service, residential and farming businesses are ineligible.

Wayne County Industrial Site Fund Unique on a county level, this fund assists municipalities with public infrastructure improvements required to locate a manufacturing facility.

Wayne County will assist in the cost of any required improvements at the lesser of one-third of the total cost, or $100,000. Can include any public water lines, sewer lines, roads, curbing, lighting, etc.

Typically, the county pays one-third, the town pays one-third, and the developer pays one-third.

On larger projects, we may request assistance from state or federal government programs.

In such instances, the local match is then divided using the above formula with the approval of the Wayne County Board of Supervisors.

No such request has ever been declined locally.

Micro Enterprise Revolving Loan Program Makes loans up to $25,000 for the purchase of fixed assets or working capital.

Provides both technical and financial assistance to the startup or expanding small business creating or retaining low to moderate income jobs.

The interest rate, based on prime, will be fixed at the time of closing with a repayment term of up to eight years, depending on the use of proceeds.

This is available for businesses with five or fewer employees within Wayne County.

At the time of application ineligible businesses are those involved in real estate speculation, lending, gambling, or other illegal activities, pyramid sales, opinion molding and investment activities.

Additionally, refinancing of existing debt is not permitted.





Contact Information
Wayne County IDA
Address: 16 William St
City: Lyons
State: New York