The Department of Economic Development administers a variety of low interest loan programs through the Delaware County Industrial Development Agency and the Local Development Corporation to provide flexible, financing alternatives to businesses located in or relocating to Delaware County.  The Department also has significant expertise regarding additional, local State and Federal programs to assist new and expanding businesses.  The Department has the knowledge and inter-agency relationships necessary to ensure that businesses eligible for various programs through USDA Rural Development , the Governor’s Office for Small Cities, and/or Empire State Development receive any assistance available to them.  The Department is also prepared to work with and for businesses participating in these programs to help guide them through the process.

Our goal is to work with businesses to develop the financing plan that is most advantageous to the business.

For businesses located in certain portions of Delaware County, the locally administered Empire Zones program can potentially provide a tremendous variety of State tax exemptions and credits.  For further information please go to the Empire Zone page of this website.

Low-Interest Loans
The Department of Economic Development develops and administers a number of low interest loan programs designed to meet the needs of our businesses.  The loans will be distributed through the Delaware County IDA or LDC and may be used for any business purpose including; acquisition, construction/renovation, equipment and working capital.  In general, loans will be provided at a five (5%) interest rate.  The Department of Economic Development 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, cash flow analyses, etc.

It is not necessary for a loan applicant to know or identify the specific loan program they wish to utilize.  We will identify the program best suited to meet the specific needs of your business.  The following summarys provide a brief overview of the County’s low-interest loan programs. 

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.

RBEG Loan Fund
The RBEG Loan Funds are available to new or existing Delaware County businesses with fifty (50) or fewer employees.  This program is designed to encourage and facilitate the continued development of local small businesses, thereby providing new job opportunities for the residents of Delaware County.  Loans of up to $100,000 are available through this program.

IRP Loan Fund
The IRP program is targeted to new and existing businesses located in Delaware County that are making a major investment in their business and creating a significant number of new, full-time jobs.  This program does not have any restrictions regarding the size of the business and seeks to provide loans of a minimum of $100,000.  Applications for lesser amounts will be considered where merited.  This program places an increased emphasis on the credit worthiness of businesses participating in this program, as well as the sufficiency of the collateral securing the loan.

Economic Development & IDA Loan Funds
The IDA is in the process of establishing 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 several basis 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. 

 
Incentives

Empire Zones
The Empire Zones program offers businesses that are located within one of the County’s seven zones with the potential for a wide variety of State tax exemptions and credits that are designed to potentially eliminate a business's State tax liability for up to ten years.  In order to be eligible for the tax incentives of an empire zone a business must be able to demonstrate new investment and job creation.  For more information on the Empire Zone program in Delaware County click the link above or at the top of the page.

PILOT Agreements
The PILOT , or payment-in-lieu-of tax, program is available through the Delaware County 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:

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