Business Loans and Economic Development

Where smart businesses go for low cost loans!
5% APR up to $500,000

Wednesday, November 13, 2019
   

Long Island Development Corporation

Corporate Office:
175 Engineers Road
Suite 200
Hauppauge, New York 11788

Tel: 1-516-433-5000
Fax: 1-516-433-5046
Email: info@lidc.org
Up Coming Events...
Capital Asset Financing

Many entrepreneurs dream of owning a commercial building to house their company.  Property ownership provides stability for the business and growth opportunities. It also helps the business owner and his or her family build equity and financial sustainability. Often, these dreams remain a dream because the reality requires that the entrepreneur apply too  much of scarce working capital resources to the capital project.  LIDC is pleased to be able to bring low downpayment,  fixed rate financing to the table for the benefit of  eligible small businesses and nonprofits.

SBA 504:  For over thirty years LIDC was  one of the leading direct providers of SBA 504 financing. Today, LIDC helps entrepreneurs access SBA 504 financing. On Long Island and throughout New York State, LIDC works with New York Business Development Corporation (NYBDC)  to bring 504 financing to appropriate projects. LIDC also has relationships with 504 development companies throughout the nation. Under SBA 504, a for profit small business can finance up to 90% of total project cost. Project cost includes acquisition, construction, renovation and soft costs related to land, buildings, condo’s and coops for your business.  Machinery and equipment can also be financed by SBA 504. Eligible businesses include retail, service, professional service, wholesale and manufacturing.  A bank or other lender provides 50% of project cost as a first mortgage loan. Forty percent  (up to $4 million) comes from the 504 company as an SBA 504 loan (US Small Business Administration). The small business or its owners inject 10% into the project. This preserves essential working capital. The 504 loans are funded by the sale of debentures guaranteed by SBA. They can be for 10 or 20 years and are self amortizing at a below market fixed rate.

LIDC can also help businesses access other capital asset financing programs such as the New York Job Development Authority second mortgage loans, Industrial Development Agency bond  financing or straight lease back incentives. And, LIDC will bring all appropriate resources to the table including utility or real estate tax abatement programs, interest rate subsidy programs etc. through its 30+ years of experience and  vast network of resources and partners. Many of these programs can be combined to provide maximum benefits for businesses and nonprofits.

For more information about any of these capital asset financing programs, contact LIDC at 516 433 5000 or e mail us at biz-loans@lidc.org.




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