Local Development Finance Authority

A local development finance authority is an organization that generates low-cost financing for local businesses. Besides being an engine for business growth and development, local development finance authorities can promote equitable employment practices by providing financing and resources to businesses that hire local workers and provide good wages.

In Tompkins County, several organizations administer these kinds of job-creating, low-cost financing programs. The main source of these funds is from the federal government through the Governor's Office for Small Cities' Community Development Block Grant (CDBG) Small Cities Program. Eligible applicants are towns, villages and cities under 50,000 people and counties under 200,000 people. Many municipalities in Tompkins County have been successful in accessing these funds for economic development in their communities.

Tompkins County uses loan funds that are being repaid from past CDBG awards to fund its Economic Development Revolving Loan Fund, which provides low-interest loans to create or retain jobs for low- to moderate-income people. Tompkins County Area Development and Tompkins County Industrial Development Agency also administer revolving loan funds and offer other financing programs and services.