LIDC, LISBAC and GNYDC provide a variety of low cost loan programs and free technical assistance to help small businesses and not-for-profit organizations in New York.

Friday, June 23, 2017
   

Long Island Development Corporation
Greater New York Development Company

Corporate Office:
400 Post Ave
Suite 201A
Westbury NY 11590

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

TONH Energy Incentives for Business Growth

June 27, 2017

Port Washington

8:00 AM

10:00 AM

 

Free Presentation

National Grid, PSEG Long Island & NYSERDA

Lowering costs & increasing revenue. 
Energy Consultation"Fast Track Lighting
Business Development Programs
Vacant Space Revival Program
the Cinderella Program
CleanTech Incubation
Natural Gas Capital Investments Incentivews

 

Onlind registration:

http://www.northhempsteadny.gov/btdc/OnlineRegistration

 

Co-sponsored by LIDC/LISBAC

More info...

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 the Empire State CDC 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.

New Market Loan Fund:  LIDC partners with the Minnesota based national lender- the Community Reinvestment Fund- to provide capital asset loans for eligible small businesses and not-for-profit entities. Financing can range up to 100% of project cost-maximum generally $3 million. Loan terms go up to 25 years and rates are fixed for long periods of time. Loans are currently available to entities located in federally designated new market tax credit areas. The New Market Loan Fund can be combined with conventional and other government lending programs as a subordinate loan. Funds can be used for any business purpose including real estate acquisition, renovation, equipment or working capital.

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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