Financing Programs Low-cost financing is available through the Herkimer County Industrial Development Agency's Revolving Loan Funds and other sources.
Herkimer County wants to see your business grow.
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.
HCIDA Industrial Revenue Bonds (IRBs)
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.
HCIDA Straight Lease Program
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.
HCIDA Revolving Loan Funds
The HCIDA operates several revolving loan fund programs, originally capitalized with funds from the County of Herkimer, the US Department of Commerce's Economic Development Administration (EDA), the US Department of Agriculture's Rural Development Administration, and the US Department of Housing and Urban Development (HUD).
Mohawk Valley Economic Development District (MVEDD)
The MVEDD operates several revolving loan funds capitalized by EDA, the State of New York, and its membership. In addition, it is the local conduit for the US Small Business Administration's 504 Loan Program.
US Department of Housing and Urban Development (HUD) Local Revolving Loan Funds
Low-cost financing is also available through Revolving Loan Funds administered by several local municipalities. The loans can be used for the purchase of equipment, working capital, construction, land acquisition - almost anything that will result in the creation of new jobs. The Villages of Dolgeville, Frankfort and Ilion, as well as the City of Little Falls, all offer such programs.
New York Business Development Corporation (NYBDC)
A privately-owned financial organization funded by banks to provide long-term financing, to be used as a complement to, or in participation with, conventional lenders. NYBDC operates several loan funds including the SBA 504 program.
