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).

You will find all HCIDA application documents and further information by clicking the "HCIDA DOCUMENTS" page.   Please contact the HCIDA with any questions or for further information at (315) 866-3000.  

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 Small Business Revolving Loan/Grant Fund

Herkimer County has established a Small Business Revolving Loan/Grant  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 and recapitalized with a grant from Senator James Seward.

 

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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