St. Lawrence County Industrial Development Agency
Loan Program Summary Sheet:
Industrial Progress Fund

Area of Eligibility:
Businesses located in St. Lawrence County.

Eligible Businesses:
Resident firms in St. Lawrence County currently engaged in manufacturing, processing, or assembling.

Loan Amount:
Varies.

Use of Funds:
Fixed assets (real estate, machinery or equipment).

Rates & Terms:
Interest rate fixed at one-half of the prime rate plus 1% with a floor of 5%. Terms will generally be ten years for real estate and five to seven years for machinery and equipment.

Equity Participation:
Minimum equity investment of 10%.

Bank Participation:
Normally, a private lender must provide at least 30% of the project financing.

Application Considerations:
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.

Fees:
$100 non-refundable application fee and closing costs, if applicable.

Review Process:
The entire process should take from 4 to 8 weeks provided all necessary documentation, including other financing commitments, are in place.

Return to Loan Funds