Financial Assistance

The IDA works with the Delaware County Department of Economic Development to identify the full range of incentives and financing options available to your business.  Direct grant assistance to businesses is extremely rare and generally limited to specific, small grant programs (for example; main street revitalization) sponsored by the IDA.  The majority of financial assistance to businesses is made available through the provision of low-interest loans, PILOT agreements and/or industrial revenue bonds.

In addition to the financial assistance available to businesses through the programs outlined below, the Delaware County Department of Economic Development also administers the County’s Empire Zone program. 

For additional information regarding the financial assistance that may be available for your business contact the Department of Economic Development today.

Low Interest Loans

Micro Enterprise Loan Fund
This program is designed specifically for micro enterprise businesses – businesses with five or fewer employees, including the owner(s).  Low interest loans are available to new and existing micro enterprise businesses that locate or expand within Delaware County.  Loans of up to $50,000 are available to help finance business expansions or start-ups that will result in the creation or retention of jobs.

Economic Development & IDA Loan Funds
The IDA has established two additional loan funds to provide manufacturing and employment based businesses (businesses with a minimum of fifty employees) with higher value loans.  Funding through these programs is available on a case-by-case basis and as capitalization permits. 

Industrial Revenue Bonds

Industrial Revenue Bonds offer tax exempt financing alternatives for large scale investments in facilities and equipment.  While in general, industrial revenue bonds work pretty much the same way as conventional financing, the interest is exempt from federal income tax, yielding interest rates that are generally two to three percentage points lower than traditional bank financing.  Tax exempt industry revenue bonds are available to manufacturing businesses and not-for-profits.  While exceptions exist, industrial revenue bonds are most beneficial for projects in excess of $1 million.

PILOT Agreements

The PILOT, or payment-in-lieu-of tax, program is designed 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:

• Real property tax abatement
• Sales tax exemption for construction materials and capital equipment
• Exemption from the mortgage recording tax