St. Lawrence County Industrial Development Agency
Loan Program Summary Sheet:
Greater Massena Economic Development Fund

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

Eligible Businesses:
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).

Loan Amount:
Lesser of 30% of the projects cost or $200,000.

Use of Funds:
Machinery or equipment.

Rates & Terms:
Interest rate fixed prime rate minus 3% 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. The applicant's hiring plan must demonstrate they will create or retain at least on job for every $15,000 of funding.

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.

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