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.
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.
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 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. Funding is provided in a 2/2/2 format, where up to $2,000 in grant funds are awarded, up to $2,000 is provided as a loan, and up to $2,000 in owner equity is required. Loan and grant amounts combined for this program are not to exceed $4,000.
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.
Click the link above to continue or CANCEL