Development Authority Regional Lending Programs
Development Authority Regional Lending Programs Development Authority of the North Country, 317 Washington St., Watertown, NY, 13601 315-661-3200 www.danc.org
Program
North Country Alliance Loan Fund
Farmland Drainage
Development Authority ValueAdded Agriculture Fund
Community Development Loan Fund
Jefferson, Lewis, St. Lawrence, Clinton, Franklin, Essex, Hamilton
Jefferson, Lewis, St. Lawrence
Jefferson, Lewis, St. Lawrence
Jefferson, Lewis, St. Lawrence
Eligible Applicants
Private for-profit businesses and notfor-profit organizations with 100 or fewer employees
For-profit businesses
For-profit businesses
Private for-profit and not-for-profit organizations
Eligible Projects
Finance the establishment of a new business, expansion of existing business, community development project or result in the creation of new employment.
Farming must be applicants’ primary business. Land to be drained should presently be productive farmland.
Individual, farm or business that creates value-added products for retail consumption.
Manufacturing, warehousing and distribution, industrial reuse, downtown/commercial revitalization, infrastructure, health care, tourism, telecom facilities, agri-business, and select agricultural projects.
Eligible Use of Funds
Working capital, real estate, machinery and equipment, furniture and fixtures, accounts receivable and inventory.
Purchase, installation and associated soft costs to install drainage systems on lands presently producing crops. Includes both subsurface and surface systems.
Purchase, installation and associated soft costs to install equipment to increase productivity.
Real estate, improvements, machinery and equipment, furniture and fixtures, inventory and working capital.
The lesser of $225,000 or 40% of project cost.
$20,000
$40,000
The lesser of $250,000 or 40% of project cost.
Working capital, up to 5 years; fixed asset up to 15 years
5 years
5 years
WSJ prime, fixed at closing
One-half of WSJ prime at closing with a floor of 3%
One-half of WSJ at closing with a floor of 3%
5 years for working capital; can vary, depending upon useful life of assets financed. WSJ prime minus 2 with a floor of 4% adjusted every 5 years
Minimum equity investment of 10%, Key Man Life Insurance, as requested $100 non-refundable application fee; commitment fee equal to the greater of $500 or 1% of the loan Matt Siver [email protected]
Minimum cash equity of 50% of the total loan amount None
Minimum cash equity of 20% of the project amount None
None
Matt Siver [email protected]
Matt Siver [email protected]
Michelle Capone mcapone @danc.org
Eligible Counties
Maximum Loan Term Interest Rate Conditions Fees Contact
None
Development Authority Regional Lending Programs
Program
page 2
North Country Economic Development Fund
North Country Value-Added Agriculture Fund
North Country Transformational Tourism Community Loan Fund
North Country Redevelopment Fund
Jefferson, Lewis, St. Lawrence, Clinton, Franklin, Essex, Hamilton, Herkimer and portion of Akwesasne Mohawk Reservation in NY state For-profit businesses, not-for-profit corporations and business improvement districts
Jefferson, Lewis, St. Lawrence, Franklin, Essex, Clinton and Hamilton
Jefferson, Lewis, St. Lawrence, Clinton, Franklin, Essex and Hamilton
Jefferson, Lewis, St. Lawrence, Clinton, Franklin, Essex and Hamilton
For-profit businesses with 100 or fewer employees
For-profit businesses
For-profit businesses, municipalities, economic development and not-for-profit development organizations
Manufacturing, agri-business, clean/green bio-tech businesses, assemblers, wholesale distributors and warehouses. Retail/market driven projects may be considered under certain conditions by NCEDF board. Real estate, improvements, machinery and equipment, furniture and fixtures, inventory and working capital.
Projects to establish, maintain or expand an agricultural operation, or to provide facilities and/or markets for the production, manufacture, processing, warehousing, distribution or sale of crops, livestock and livestock products. Real estate, improvements, machinery and equipment, furniture and fixtures. (Excludes hotels and residential uses.)
Projects that enhance and quantity and quality of lodging in the region, and support tourism-related facilities.
Projects that remove blight and result in the transformation of communities in the North Country.
Real estate, improvements, machinery and equipment and furniture and fixtures.
Real estate, demolition and remediation, machinery and equipment, furniture and fixtures.
Maximum Loan
Loans cannot exceed $300,000 or 30% of the project cost, whichever is less.
Lesser of $250,000 or 40% of the total project cost
Lesser of $250,000 or 20% of the total project cost
Term
Machinery and equipment, up to 10 years; real estate, up to 15 years
Machinery and equipment, up to 10 years; real estate, up to 20 years
Machinery and equipment, up to 10 years; real estate, up to 20 years
Interest Rate
One-half WSJ Prime plus.5% when WSJ Prime is 4% $25,000 per 1 job created/retained; minimum 10% owner cash or equity contribution. Key Man Life Insurance as required.
One-half of WSJ Prime fixed at closing or a floor of 3%, whichever is higher at closing Minimum 10% of total loan amount in owner cash/equity. NYS has MWBE requirements for purchases made with these funds
1% fixed
Combination grant/loan program. Maximum per project request is $500,000; loans cannot exceed $250,000. Grant/loan combination will always be 50/50. Machinery and equipment, up to 10 years; real estate, including infrastructure, up to 20 years 1% fixed
$100 non-refundable application fee, 1% commitment fee Michelle Capone mcapone @danc.org
$100 application fee, 1% commitment fee Michelle Capone mcapone @danc.org
Eligible Counties
Eligible Applicants
Eligible Projects
Eligible Use of Funds
Conditions
Fees Contact
Hotels must comply with Section 2879b of Public Authorities Law regarding labor peace. NYS has MWBE requirements for purchases made with these funds. Key Man life Insurance, as required. $250 application fee, .5% commitment fee, 2% processing fee Michelle Capone mcapone @danc.org
Annual financial statements due 90 days after fiscal year end. NYS has MWBE requirements for purchases made with these funds $250 application fee, 1% commitment fee Michelle Capone mcapone @danc.org
Program
North Country Alliance Loan Fund
Farmland Drainage
Development Authority ValueAdded Agriculture Fund
Community Development Loan Fund
Jefferson, Lewis, St. Lawrence, Clinton, Franklin, Essex, Hamilton
Jefferson, Lewis, St. Lawrence
Jefferson, Lewis, St. Lawrence
Jefferson, Lewis, St. Lawrence
Eligible Applicants
Private for-profit businesses and notfor-profit organizations with 100 or fewer employees
For-profit businesses
For-profit businesses
Private for-profit and not-for-profit organizations
Eligible Projects
Finance the establishment of a new business, expansion of existing business, community development project or result in the creation of new employment.
Farming must be applicants’ primary business. Land to be drained should presently be productive farmland.
Individual, farm or business that creates value-added products for retail consumption.
Manufacturing, warehousing and distribution, industrial reuse, downtown/commercial revitalization, infrastructure, health care, tourism, telecom facilities, agri-business, and select agricultural projects.
Eligible Use of Funds
Working capital, real estate, machinery and equipment, furniture and fixtures, accounts receivable and inventory.
Purchase, installation and associated soft costs to install drainage systems on lands presently producing crops. Includes both subsurface and surface systems.
Purchase, installation and associated soft costs to install equipment to increase productivity.
Real estate, improvements, machinery and equipment, furniture and fixtures, inventory and working capital.
The lesser of $225,000 or 40% of project cost.
$20,000
$40,000
The lesser of $250,000 or 40% of project cost.
Working capital, up to 5 years; fixed asset up to 15 years
5 years
5 years
WSJ prime, fixed at closing
One-half of WSJ prime at closing with a floor of 3%
One-half of WSJ at closing with a floor of 3%
5 years for working capital; can vary, depending upon useful life of assets financed. WSJ prime minus 2 with a floor of 4% adjusted every 5 years
Minimum equity investment of 10%, Key Man Life Insurance, as requested $100 non-refundable application fee; commitment fee equal to the greater of $500 or 1% of the loan Matt Siver [email protected]
Minimum cash equity of 50% of the total loan amount None
Minimum cash equity of 20% of the project amount None
None
Matt Siver [email protected]
Matt Siver [email protected]
Michelle Capone mcapone @danc.org
Eligible Counties
Maximum Loan Term Interest Rate Conditions Fees Contact
None
Development Authority Regional Lending Programs
Program
page 2
North Country Economic Development Fund
North Country Value-Added Agriculture Fund
North Country Transformational Tourism Community Loan Fund
North Country Redevelopment Fund
Jefferson, Lewis, St. Lawrence, Clinton, Franklin, Essex, Hamilton, Herkimer and portion of Akwesasne Mohawk Reservation in NY state For-profit businesses, not-for-profit corporations and business improvement districts
Jefferson, Lewis, St. Lawrence, Franklin, Essex, Clinton and Hamilton
Jefferson, Lewis, St. Lawrence, Clinton, Franklin, Essex and Hamilton
Jefferson, Lewis, St. Lawrence, Clinton, Franklin, Essex and Hamilton
For-profit businesses with 100 or fewer employees
For-profit businesses
For-profit businesses, municipalities, economic development and not-for-profit development organizations
Manufacturing, agri-business, clean/green bio-tech businesses, assemblers, wholesale distributors and warehouses. Retail/market driven projects may be considered under certain conditions by NCEDF board. Real estate, improvements, machinery and equipment, furniture and fixtures, inventory and working capital.
Projects to establish, maintain or expand an agricultural operation, or to provide facilities and/or markets for the production, manufacture, processing, warehousing, distribution or sale of crops, livestock and livestock products. Real estate, improvements, machinery and equipment, furniture and fixtures. (Excludes hotels and residential uses.)
Projects that enhance and quantity and quality of lodging in the region, and support tourism-related facilities.
Projects that remove blight and result in the transformation of communities in the North Country.
Real estate, improvements, machinery and equipment and furniture and fixtures.
Real estate, demolition and remediation, machinery and equipment, furniture and fixtures.
Maximum Loan
Loans cannot exceed $300,000 or 30% of the project cost, whichever is less.
Lesser of $250,000 or 40% of the total project cost
Lesser of $250,000 or 20% of the total project cost
Term
Machinery and equipment, up to 10 years; real estate, up to 15 years
Machinery and equipment, up to 10 years; real estate, up to 20 years
Machinery and equipment, up to 10 years; real estate, up to 20 years
Interest Rate
One-half WSJ Prime plus.5% when WSJ Prime is 4% $25,000 per 1 job created/retained; minimum 10% owner cash or equity contribution. Key Man Life Insurance as required.
One-half of WSJ Prime fixed at closing or a floor of 3%, whichever is higher at closing Minimum 10% of total loan amount in owner cash/equity. NYS has MWBE requirements for purchases made with these funds
1% fixed
Combination grant/loan program. Maximum per project request is $500,000; loans cannot exceed $250,000. Grant/loan combination will always be 50/50. Machinery and equipment, up to 10 years; real estate, including infrastructure, up to 20 years 1% fixed
$100 non-refundable application fee, 1% commitment fee Michelle Capone mcapone @danc.org
$100 application fee, 1% commitment fee Michelle Capone mcapone @danc.org
Eligible Counties
Eligible Applicants
Eligible Projects
Eligible Use of Funds
Conditions
Fees Contact
Hotels must comply with Section 2879b of Public Authorities Law regarding labor peace. NYS has MWBE requirements for purchases made with these funds. Key Man life Insurance, as required. $250 application fee, .5% commitment fee, 2% processing fee Michelle Capone mcapone @danc.org
Annual financial statements due 90 days after fiscal year end. NYS has MWBE requirements for purchases made with these funds $250 application fee, 1% commitment fee Michelle Capone mcapone @danc.org
