Greater Massena Economic Development Fund
St. Lawrence County Industrial Development Agency
Greater Massena Economic Development Fund Loan Program
Area of Eligibility:
Businesses located in St. Lawrence County.
Industrial, manufacturing, research and development, high technology, agricultural, or non-retail service businesses. (No loans will be made for lodging, restaurants, alcohol sales, legal, medical or nursing services, retail firms, casinos and other gambling establishments).
Lesser of 30% of the projects cost or $200,000.
Use of Funds:
Machinery or equipment.
Rates & Terms:
Interest rate is typically fixed at one-half of the prime rate plus one percent. Terms will generally be ten years for real estate and five to seven years for machinery and equipment.
Minimum equity investment of 10%.
Normally, a private lender must provide at least 30% of the project financing.
The purpose of this loan fund is to offer low-cost financing as an inducement to established firms to expand their operations. As such, it is limited to healthy firms with collateral sufficient to secure the loan. The applicant's hiring plan must demonstrate they will create or retain at least on job for every $15,000 of funding.
$100 non-refundable application fee and closing costs, if applicable.
The entire process should take from 4 to 8 weeks provided all necessary documentation, including other financing commitments, are in place.