Financing Programs
Whether you are an existing firm interested in expansion or relocation, or a new firm interested in starting a business in Herkimer County the Herkimer County Industrial Development Agency can assist qualified projects in accessing financing through a variety of local, state, and federal programs.
HCIDA Revolving Loan Funds
The HCIDA operates several revolving loan fund programs, originally capitalized with funds from the County of Herkimer, the US Department of Commerce's Economic Development Administration (EDA), the US Department of Agriculture's Rural Development Administration, and the US Department of Housing and Urban Development (HUD).
HCIDA Revolving Loan Application
HCIDA Revolving Loan Guidelines
USDA INTERMEDIARY RELENDING PROGRAM (IRP):
USDA Intermediary Relending Program (IRP) Application
HCIDA Straight Lease Program
In certain instances, the HCIDA can assist a company by holding nominal title to property through its Straight Lease Program. This offers the company exemption from sales and mortgage recording taxes, as well as reduced real property taxes.
HCIDA Industrial Revenue Bonds (IRBs)
Tax exempt industrial revenue bond financing is available to manufacturing firms and 501c3 not-for-profits through the Herkimer County Industrial Development Agency. These bonds encourage lenders to provide project financing at interest rates substantially below market. IRBs can be used to finance the cost of land, buildings, machinery, and equipment.
Herkimer County Microenterprise Grant Program
The objective of the Herkimer County Microenterprise Grant Program is to fill a void in helping small existing companies or start up companies provide new jobs opportunities, keep existing jobs and ultimately, broaden the tax base of Herkimer County. The Herkimer County Microenterprise Business Grant Program is designed to support small businesses with 5 or less employees of whom one is the owner of the business. It is the program's intent to assist with technical assistance targeted to small start-up enterprises were such assistance is deemed applicable, and ultimately grant for businesses which fit the established criteria for assistance's for those ventures.
Download Guidelines
Download Application
Herkimer County Small Business Revolving Loan Fund
Herkimer County has established a Small Business Loan/Grant Revolving Loan Fund to provide low-interest loan and grant funding for projects that expand and/or retain employment opportunities for businesses with less than ten employees. The Fund was established through a grant to Herkimer County from Assemblyman Marc Butler.
Application and Guidelines
Economic Development Partners
Mohawk Valley EDGE
Mohawk Valley EDGE (Economic Development Growth Enterprises Corporation) promotes the Mohawk Valley's people, work force, quality of life, infrastructure, sites, and everything else the region has to offer businesses, site selection specialists and industrial developers. EDGE links the area's economic development organizations, cuts through red tape and develops financing and assistance packages to help companies interested in locating or expanding their operations and job base in Oneida and Herkimer Counties.
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NYS Empire State Development
Empire State Development (ESD), through several lending programs, can lend up to 40% of the cost of an eligible project at below market interest rates. Typically, eligible project financing also consists of conventional bank loans and at least 10% of the borrower's equity. ESD can also provide full guarantees of up to 80% of eligible project costs for loans made by most banking organizations. In addition, they can assist with grants for projects and training programs.
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Mohawk Valley Economic Development District (MVEDD)
The MVEDD operates several revolving loan funds capitalized by EDA, the State of New York, and its membership. In addition, it is the local conduit for the US Small Business Administration's 504 Loan Program.
US Department of Housing and Urban Development (HUD) Local Revolving Loan Funds
Low-cost financing is also available through Revolving Loan Funds administered by several local municipalities. The loans can be used for the purchase of equipment, working capital, construction, land acquisition - almost anything that will result in the creation of new jobs. The Villages of Dolgeville, Frankfort and Ilion, as well as the City of Little Falls, all offer such programs.
New York Business Development Corporation (NYBDC)
A privately-owned financial organization funded by banks to provide long-term financing, to be used as a complement to, or in participation with, conventional lenders. NYBDC operates several loan funds including the SBA 504 program.
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