Incentives & Financing
The SBA MicroLoan Program provides loans of $2,000 to $50,000 at reasonable interest rates and repayment terms. Funds may be used for working capital and/or the purchase of equipment, inventory, or supplies. Any business or prospective business in Columbia or Greene County with under $3.5 million in annual sales and fewer than 500 employees is eligible. There are specific Small Business Administration (SBA) industry standards that are applied to each applicant and a business plan is required for start-up businesses. The Columbia-Hudson Partnership staff can assist applicants in determining whether the MicroLoan Program is right for them.
Revolving Loan Fund
Low-interest loans are offered to businesses that will create jobs in Columbia County. The majority of these loan funds are Community Development Block Grants funds, which means that 51% of the jobs created with these loan funds must be available to be filled by individuals currently at a low to moderate income level. In addition, there is no specific talent needed to fill the basic requirements for these jobs and the employer is willing to provide any necessary training.
Martha Lane, Business Development Specialist
Capital Funding: Revenue Bonds
The Columbia County Industrial Development Agency (IDA) and City of Hudson IDA issue tax-exempt Industrial Revenue Bonds on behalf of companies that are acquiring or improving facilities. These bonds make it possible for smaller companies to get financing at the lower interest rates that FORTUNE 500 companies pay. A wide range of companies and projects are eligible for IDA financing, from factories to day care centers. However, IDA financing is appropriate for amounts from $1 million to $10 million, and the policy favors industrial enterprises.
Columbia County IDA
Mike Tucker, Executive Director
(518) 828-4718 email@example.com
National Grid Grant Programs
Whether your goal is to focus your community’s economic development and business recruitment efforts, develop strategies and materials for marketing your community or to redevelop buildings and brownfields in your community, National Grid’s Economic Development Grant Program may be able to assist you. National Grid’s Economic Development Grant Program is approved by the New York State Public Service Commission.
300 Erie Boulevard West
Syracuse, NY 13202