Photo by Tompkins County
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.