Delaware County Economic Development has staff to assist you in researching funding sources and helping you gain access to the best opportunities available, including:
Distributed through the Delaware County IDA or LDC and available for any business purpose including acquisition, construction/renovation, equipment and working capital, these loans are provided at a 4% interest rate. The Economic Development office will provide potential loan applicants with one-on-one assistance in completing the application process, including, but not limited to, the preparation of a business plan, financial statements, and cash flow analyses.
Industrial Revenue Bonds offer tax-exempt financing alternatives for large-scale investments in facilities and equipment ($1million and above). These bonds typically have an interest rate that is several points lower than that offered by traditional financial institutions, and are available to manufacturing businesses and not-for-profits.
The Excelsior Jobs Program provides job creation and investment incentives to firms in such targeted industries as biotechnology, pharmaceutical, high-tech, clean-technology, green technology, financial services, agriculture and manufacturing. Firms in these industries that create and maintain new jobs or make significant financial investment are eligible to apply for up to four new tax credits. The Program encourages businesses to expand in and relocate to New York while maintaining strict accountability standards to guarantee that businesses deliver on job and investment commitments. Program costs are capped at $500 million annually to maintain fiscal affordability and ensure that New Yorkers realize a positive return on their investment.
The PILOT, or payment-in-lieu-of tax, program is available through the Delaware County Industrial Development Agency (IDA) to assist businesses that are making a substantial capital investment in the construction of new facilities and/or the expansion and renovation of an existing facility. Through this program qualifying businesses may be eligible to receive a property tax abatement on up to 75% of the project cost. The benefits of a PILOT include:
Sales Tax Exemption for construction materials and capital equipment
Exemption from the Mortgage recording tax.
Direct grant assistance to businesses is extremely rare and generally limited to specific, small grant programs (for example; main street revitalization) sponsored by local agencies.
4% is current interest rate. Rates are subject to change without notice.
Equal Opportunity Programs. Discrimination is prohibited by Federal law.
Complaints of discrimination may be filed with USDA, Director, Office of Civil Rights,
Room 326-W, Whitten Building, 1400 Independence Ave., SW, Washington, DC 20250-9410
or call 800-795-3272 (voice) or 202-720-6382 (TDD).
USDA is an equal opportunity provider and employer.