The Cayuga County Small Business Loan Program, the City of Auburn Small Business Assistance Program and the CEDA Micro-loan Program are three of the main financial assistance programs available to the county’s businesses.
Interested in applying for a small business loan? Complete a pre-application form or call CEDA at 315-252-3500. Also feel free to contact us to find out more about financial assistance opportunities for your business.
|Financing Assistance In Cayuga County|
|Cayuga County Loan Program||City of Auburn Small Business Assistance Program||CEDA Micro-Loan Program|
|Administration||Cayuga County Department of Planning and Economic Development||Cayuga Economic Development Agency and City of Auburn Office of Planning and Economic Development||Cayuga Economic Development Agency|
|Loan Amounts||Loans available for up to $75,000; limit may be waived at the discretion of the Loan Committee||Negotiable; Prefer to partner on loans over $75,000||Loans of $1,000-$5,000 are available for start-ups and small businesses|
|Eligible Activities||Acquisition of land or buildings, new construction, renovation or expansion of existing buildings, or purchase of new machinery and equipment; use of funds for working capital or purchase of inventory is evaluated on a case-by-case basis.||Acquisition of land or buildings, new construction, renovation or expansion of existing buildings, purchase of new machinery and equipment, or working capital as well as business acquisition.||Construction, renovation or expansion of existing buildings; purchase of machinery and equipment; working capital, including training; gap financing; furniture and fixtures.|
|Job Creation||At least one new, permanent full-time job must be created for every $15,000 borrowed||At least one new, full time equivalent job must be created for every $25,000 borrowed||Job creation is encouraged, but not required|
|Leverage||Funds can be used to cover up to 40% of the total project cost||Funds must be leveraged at least 2.5:1||Minimum 10% equity investment|
|Other Information||Loan terms are established on an individual basis; in most cases each loan will be amortized over a period not to exceed five (5) years; interest rates are generally at prime or below||Loan terms are established on an individual basis||Loan terms are up to five (5) years, variable interest rate of prime+4%|
|Information Packets||Cayuga County Loan Information||City of Auburn CDBG Overview||CEDA Micro-Loan Information|
Maureen Riester, Economic Development Specialist at CEDA, gave an overview of the two local revolving loan funds that can be utilized as gap financing for a project or when traditional financing is not an option. She also illustrated how the IDA’s tax incentives can benefit a business and the community.