Business Development Funding Programs

The Community Development Loan Fund provides financing to businesses in Jefferson, Lewis, and St. Lawrence counties, with priority given to projects of regional significance to the North Country.  The loan fund targets projects that positively affect the region or enhance particular business sectors.

• Eligible activities include manufacturing, warehousing and distribution, industrial reuse, downtown/commercial revitalization, infrastructure, tourism, healthcare, telecommunication facilities, agri-business and selected agricultural projects.
• Funds may be used for real estate, improvements, machinery and equipment, furniture and fixtures, inventory and working capital.
• Funding is targeted at the lesser of $250,000 or 40% of the total project cost, however other requests may be considered on a case-by-case basis.
• The interest rate is targeted at Prime minus 2 with a floor of 4% adjusted every 5 years, however the rate will be reviewed on a case-by-case basis.
• The term of the loan is 5 years for working capital and varies depending upon the useful life of the assets being financed.

For more information on the Community Development Loan Fund, or for an application, please contact Michelle Capone at mcapone@danc.org

The North Country Economic Development Fund (NCEDF) was created in 2014 by the New York Power Authority (NYPA) and is administered by the Development Authority of the North Country.  The NCEDF provides financing to eligible projects located in Jefferson, Lewis, St. Lawrence, Clinton, Essex, Franklin, Hamilton and Herkimer Counties, and the portion of the Akwesasne Mohawk Reservation located within New York State.  The loan fund targets projects that positively affect the region or enhance particular business sectors.

• Eligible projects: Manufacturing, agri-business, clean/green bio-tech businesses, assemblers, wholesale distributers and warehouses.  Retail/market driven projects will be considered with the following requirements: 1) tourism-related projects that will attract signficant visitors; 2) projects that without the help of the NCEDF would locate jobs outside of the state; and/or 3) projects that make available goods and services to the community that, not for the loan, would not be reasonalby accessible to the residents of the community where the project would be located.
• Eligible applicants: For-profit business; not-for-profit corporations and business improvement districts may be eligible for community revitalization projects.
• Eligible use of funds:  Real estate, improvements, machinery and equipment, furniture and fixtures, inventory and working capital.
• Funding is targeted at the lesser of $300,000, or 30% of the total project cost; however requests up to $500,000 may be considered by the NCEDF Board on a case-by-case basis.

For more information on the North Country Economic Developoment Fund , or for an application, please contact Michelle Capone at mcapone@danc.org , or calling (315) 661-3200.

The Development Authority is the fiscal agent for the North Country Alliance's Regional Revolving Loan Fund.  The North Country Alliance is a not-for-profit local development corporation comprised of public and private sector businesses and organizations focused on the economic well-being of Jefferson, Lewis, St. Lawrence, Franklin, Clinton, Essex, and Hamilton counties.  The organization is focused on creating opportunities for business expansion and job growth in the region and uses it regional revolving loan fund to accomplish these goals.

Click here to download information on the NCA loan program, or for more information contact Matthew Siver at msiver@danc.org .

This loan fund was founded in 2013 with $2 million the region received through the North Country Regional Economic Development Council to assist in furthering tourism-related development projects that will have a transformational impact on North Country communities. The fund was augmented with an additional $3 million in 2016. Eligible projects are those that enhance the quality and quantity of lodging in the region, support tourism-related facilities that enhance the quality of life and attract more visitors or residents to the region, and serve as leverage for attracting private investment to the region.

• Available to businesses in Jefferson, Lewis, St. Lawrence, Clinton, Essex, Franklin and Hamilton counties.
• Maximum loan amount is $250,000.
• Loans cannot exceed 40% of total project costs.
• Interest rate fixed at 1%.
• MWBE goals and labor peace (new hotel construction) apply.

Click here to download the Program Description and Application .  For more information contact Michelle Capone at mcapone@danc.org.

Created in 2000, the Farmland Drainage Loan Program provides low-interest loans to farmers in Jefferson, Lewis and St. Lawrence counties to install tile drainage in order to increase crop production yields.  To be eligible for the program, farming must be the applicant's primary business.  Land to be drained should presently be productive farmland that with drainage would improve crop production yields.

• Maximum loan amount is $20,000.
• Borrower must contribute at least 50% of the loan amount, or a maximum $10,000.
• Term is 5 years.
• Interest rate is one-half of Prime at loan closing with a floor of 3%.

Click here to download the program description and Program Description and Application .  For additional information contact Matthew Siver at msiver@danc.org .

Created in 2011, the Value-Added Agriculture Program was developed to increase the availability of value-added products for retail consumption.  The program is open to individuals, farms and businesses located in Jefferson, Lewis and St. Lawrence counties.

• Maximum loan amount is $40,000.
• Borrower must contribute at least 20% of the loan amount, or a maximum of $8,000.
• Term is 5 years.
• Interest rate is one-half of Prime at loan closing with a floor of 3%.

Click here to download the Program Description and Application .  For additional information contact Matthew Siver at msiver@danc.org

This program was created in 2014 with funding received through the North Country Regional Economic Development Council to improve productivity and crop yields to increase the availability of value-added agriculture products to market.

• Available to individuals, farms or businesses with 100 employees or less located in Jefferson, Lewis, St. Lawrence, Clinton, Essex, Franklin and Hamilton counties.
• Maximum loan amount is $250,000, or 40% of the total project cost, whichever is less.
• Interest rate is equal to the greater of one-half of the Wall Street Journal Prime Interest Rate, or 3%, whichever is higher at the loan closing.
• MWBE goals for the purchase of goods and services with loan funds applies.

Click here to download the Program Description .  For more information contact Michelle Capone at mcapone@danc.org .