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.
CEDA is chartered to provide businesses of all kinds and sizes with direct access to all available resources and assistance, including:
|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|
We 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.
For more information on how CEDA can assist your business, please contact us.