Loan Programs

Chenango County Economic Development can assist you in locating the proper financing for your business. There are several different types of loan programs available to assist businesses that will create new employment opportunities for the area, retain workers, and have a positive impact on the local economy.

Business Assistance Loan Funds (BALF)

Chenango County Area Corporation operates the Business Assistance Loan Fund to provide loans of up to $100,000 to local businesses for construction of a new building, renovations, additions, purchases of capital equipment, product development, working capital and other legitimate purposes that are consistent with the Economic Development Mission of CCAC. Projects are expected to create or retain jobs or have other significant impact on the County’s economic environment.

Revolving Loan Fund (RLF)

Chenango County administers a Revolving Loan Fund Program which provides manufacturing firms (SIC codes 20-39) with up to $50,000 to assist in the funding of their project, with the expectation that it will retain existing employment opportunities or will create new employment opportunities through the expansion of an existing business or the creation of a new business in Chenango County.

City of Norwich Business Development Loan Program

The purpose of the program is to provide local business with the ability to create new employment opportunities through the expansion of existing or the creation of new businesses in the Greater Norwich Area. Other goals include retention of employment, and to bring essential services or businesses lacking in the neighborhood or community, and to leverage the greatest level of private funds possible. The proceeds may be used to purchase capital equipment, acquisition and/or new construction, renovations and/or additions to facilities, and inventory.

City of Norwich Commercial Development 50/50 Loan Program

Retail and commercial businesses in the downtown vicinity are eligible for loans through this program. The following is a partial list of eligible uses: Inventory enhancement; equipment & interior display units and fixtures; property acquisition; display lighting; facade improvements; sidewalk replacement; interior design & remodeling; working capital and signage.

UDC Commercial District Revolving Loan Fund (UDC)

UDC loan funds are available through the Chenango County Area Corporation within a specified service delivery area. This program offers two types of loan options, the first being a Fixed Asset Loan which can be used for the acquisition of property or of permanently installed machinery and equipment of up to $20,000. The second is a Working Capital Loan of up to $15,000 for working capital, a revolving line of credit, or seasonal inventory, and accounts receivable or the purchase of furniture, fixtures, or other non-fixed assets.

Statewide Zone Capital Corporation of New York (SZCC)

SZCC is a privately-owned loan fund whose capital is available to promote the expansion and growth of businesses in New York’s participating Empire Zones. Financing will be made available for both existing and new businesses. Operations of SZCC are managed by New York Business Development Corporation. SZCC is intended to complement conventional bank financing by partnering with banks to provide credit to businesses, many of which do not meet the requirements for traditional financing. Loans range from $30,000 to $300,000. Bank or other lender participations are desired.

Southern Tier East Economic Development Revolving Loan Fund (STEED)

Subordinated direct lending to manufacturers or industrial related firms for fixed assets, targeted to small and medium-size businesses throughout eastern Southern Tier of New York State. Eligible businesses may qualify for $15,000 per new job created, up to 40% of the proposed project, or $200,000.

Tax Exempt Industrial Development Bond (IRB)

Highly specialized manufacturing applications for the new construction and equipping of manufacturing facilities. Interest from Bonds is exempt from federal and state income tax.

Sale Lease Back Transactions

To access the economic development benefits of an IDA a transfer of title to lands, building, equipment, and/or fixtures to the IDA by means of deed and/or bill of sale may be executed. The IDA then leases back the lands, building, equipment, and/or fixtures. Rental payments are equal to the bond or mortgage payments with a clause granting lessee the sole and exclusive option to purchase back the leasehold land, buildings, equipment, fixtures.

For more information on Chenango County Economic Development Services, please contact us at 607-334-5532 or email jtavares@chenangony.org.

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