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 Do you need assistance with funding in order to be competitive and expand?
Are you a graduate of, or enrolled in, a self-improvement program?
Is complete funding of your project unavailable, or not affordable, from
conventional
sources?
Is your business in Nassau County or Suffolk County, does it have fewer than 500 |
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employees, and is it:
- a defense dependent manufacturer or involved in transportation technology or...
- a software, hardware, technical equipment or electronics developer or
manufacturer or..
- in the fields of pharmaceutical, medical or biotechnology or...
- involved in graphic communications or...
- just emerging from a NYS incubator program or...
- a commercial fisherman or in a fishing related industry
- a small business located in or locating in a NYS Empire Zone or...
- a non retail woman or minority owned small business certified as such by NYS
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... then Long Island Development Corporation, a nonprofit development organization will
provide the financing you need under the L.I. Targeted Industry Revolving Loan Fund.
Here’s how it works: |
1. You may apply for a loan from $5,000 to $250,000 at a low fixed rate for 1 to 7 years (longer terms available
as appropriate). The loan is self-amortizing with no prepayment penalties. Guarantees are required from any
principal owning 10% or more.
2. Proceeds may be used to acquire capital assets or for working capital and are available for manufacturers,
wholesalers and service companies (industrial, commercial or agricultural) in NYS.
3. You must be willing to receive free or subsidized technical assistance such as NYS Industrial Effectiveness
Program, Cornell Cooperative Extension assistance or formal review by an approved self-improvement
process provider.
4. Application requires 3 years federal tax returns and financial statements plus current financials on company.
Financial projections must be provided if the business is a start-up or if there is a historical lack of ability to
repay debt. Principals must provide personal financial statements. Applicant must provide a history of the
business, description of plans, including use of proceeds, and self-improvement progress report.
5. Long Island Development Corporation is the lender. LIDC approves, closes and services the loans. |
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Sponsored by:
Empire State Development (NYS) and
US Dept Commerce/Economic Development Administration |
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SOUND ATTRACTIVE? WANT MORE INFORMATION?
Call Roz Goldmacher at 866 433-5432
Long Island Development Corporation is New York's premier small
business lender for over 25 years and has made almost $1 billion
in direct loans to small businesses. |
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