The Cayuga County Small Business Loan Program and the City of Auburn Small Business Assistance Program are two 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:
Cayuga County Department of Planning and Economic Development
Cayuga Economic Development Agency and City of Auburn Office of Planning and Economic Development
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
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.
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
Leverage
Funds can be used to cover up to 40% of the total project cost
Funds must be leveraged at least 2.5:1
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
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. We 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.
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