| 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 |
