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Economic Development Loan Program

Tompkins County Economic Development Assistance
TOMPKINS COUNTY ECONOMIC DEVELOPMENT REVOLVING LOAN FUND

The Economic Development Revolving Loan Fund provides low interest loan assistance to facilitate projects that create or retain employment opportunities for low to moderate-income persons. Loans are made possible from repaid U.S. Department of Housing and Urban Development (HUD) Small Cities Community Development Block Grant (CDBG) funds. The Tompkins County Economic Development Loan Oversight Committee reviews applications and makes recommendations for loan assistance.

Objectives: Eligible applicants must meet one of the County's following objectives of the Economic Development Revolving Loan Fund: creation and/or retention of employment opportunities for low-income persons; leveraging of private funds; support of export sectors of the economy; appropriateness of assistance to community and business need; or expansion of the County's real property tax base. Applicants must also demonstrate compliance with one of the following CDBG national objectives: benefit persons of low and moderate income; aid in the prevention or elimination of slums or blight; or meet other community development needs of particular urgency.

Requirements: All projects must create and/or retain permanent, private sector job opportunities that meet HUD criteria for low-income persons (in 2007 that limit is $52,300 for a family of four). Fifty one percent of all jobs created must be for low-income persons. Hiring practices must meet Federal and New York State equal opportunity standards. Recipients must complete an annual progress report supporting employment goals throughout the life of the loan.

Funding: The Economic Development Loan Program can finance up to 40% of a proposed project's cost, with a maximum assistance of $15,000 per job created. The terms of assistance are secured debt. Interest and loan terms are determined on a project specific basis. Loans are provided for equipment, fixed-assets/working capital, construction, or other projects that create new jobs.

Application Process: Anyone interested in applying for a loan should first contact the Tompkins County Planning Department to discuss the proposal. If appropriate, the business will be asked to complete a Pre-Application Form for Economic Development Assistance. Applicants that meet program objectives will be invited to make an informal presentation on their project and submit a full Economic Development Revolving Loan Fund Application. Recommendations for funding are made by the Economic Development Revolving Loan Fund Committee and forwarded to a Committee of the Tompkins County Legislature for approval and adoption.

FOR MORE INFORMATION or to apply for economic development assistance call the Tompkins County Planning Department at (607) 274-5560.

Tompkins County
Planning Department

121 E. Court Street
Ithaca, New York 14850

Phone: (607) 274-5560  
Fax: (607) 274-5578