Program
North Country Alliance Loan Fund www.northcountryalliance.org
Farmland Drainage
Development Authority Value‐Added Agriculture Fund
Community Development Loan Fund
Eligible Counties
Jefferson, Lewis, St. Lawrence, Clinton, Franklin, Essex and Hamilton.
Jefferson, Lewis and St. Lawrence
Jefferson, Lewis and St. Lawrence
Jefferson, Lewis and St. Lawrence
Eligible Applicants
Private for‐profit businesses and not‐for‐profit organizations with 100 or fewer employees
For‐profit businesses
For‐profit businesses
Private for‐profit and not‐for‐profit organizations
Eligible Projects
Finance the establishment of a new business, expansion of existing business, community development project, or result in the creation of new employment.
Eligible Use of Funds
Working Capital, Real Estate, Machinery and Equipment, Furniture and Fixtures, Accounts Receivable, and Inventory.
Maximum Loan
The lesser of $225,000 or 40% of the project cost.
$20,000
$40,000
Term
Working Capital (Up to 5 years), Fixed Asset (Up to 15 years).
5 years
5 years
Interest Rate
WSJ Prime minus 1% with a floor of 5%, fixed at closing.
1/2 of WSJ Prime at closing with a floor of 3%.
1/2 of WSJ Prime at closing with a floor of 3%.
WSJ Prime minus 2 with a floor of 4% adjusted every 5 years.
Conditions
Minimum equity investment of 10%. Key Man Life Insurance, as required.
Minimum cash equity of 50% of the total loan amount.
Minimum cash equity of 20% of the project amount.
None
Fees
$100 non‐refundable application fee and commitment fee equal to the greater of $500 or 1% of loan.
None
None
None
Contact
Matt Siver (msiver@danc.org)
Matt Siver (msiver@danc.org)
Matt Siver (msiver@danc.org)
Michelle Capone (mcapone@danc.org)
Manufacturing, warehousing and distribution, industrial reuse, Farming must be applicants primary business. Land to Individual, Farm or Business that create value‐added downtown/commercial revitalization, be drained should presently be productive farmland.
products for retail consumption.
infrastructure, health care, tourism, telecom facilities, agri‐business, and selected agricultural projects.
Purchase, installation and associated soft costs to install drainage systems to lands presently producing Purchase, installation, and associated soft costs to crops. Drainage includes both subsurface and surface install equipment to increase productivity.
systems.
Development Authority of the North Country
317 Washington Street, Watertown NY 13601
Phone: (315)661‐3200 Fax (315)661‐3201
www.danc.org
Real estate, improvements, machinery and equipment, furniture and fixtures, inventory, and working capital.
Lesser of $250,000 or 40% of total project cost.
5 years (working capital), varies depending upon useful life of assets financed.
Program
Eligible Counties
North Country Economic Development Fund
North Country Value‐Added Agriculture Fund
North Country Transformational Tourism Community Loan Fund
North Country Digital Film Projector Conversion Fund
Jefferson, Lewis, St. Lawrence, Clinton, Franklin, Essex, Jefferson, Lewis St. Lawrence, Franklin, Essex, Clinton Jefferson, Lewis, St. Lawrence, Clinton, Franklin, Jefferson, Lewis, St. Lawrence, Clinton, Franklin, Essex, Hamilton, Herkimer, and portion of the Akwesasne and Hamilton
Essex, and Hamilton.
and Hamilton,
Mohawk Reservation located within New York State.
Eligible Applicants
For Profit business, not‐for‐profit corporations and business improvement district.
Eligible Projects
Manufacturing, agri‐business, clean/green bio‐tech businesses, assemblers, wholesale distributers and warehouses. Retail/market driven projects may be considered under certain conditions by NCEDF Board.
Eligible Use of Funds
For‐profit businesses having 100 or fewer employees
For‐profit business
For‐profit and not‐for‐profit theaters.
Projects for the purpose of establishing, maintaining, or expanding an agricultural operation, or for Projects that enhance the quality and quantity of providing facilities and/or markets for the lodging in the region, and support tourism‐
production, manufacturing, processing, related facilitie. warehousing, distribution or sale of crops, livestock and livestock product.
To bridge fundraising efforts to purchase digital film projectors.
Real Estate, Improvements, Machinery and Equipment, Furniture and Fixtures, Inventory, and Working Capital.
Real estate, improvements, machinery and equipment, furniture and fixtures. [Excludes hotels and residential uses]
Real Estate, Improvements, Machinery and Equipment, and Furniture and Fixtures.
Purchase digital film projector and associated capital equipment.
Maximum Loan
Loans cannot exceed $300,000 or 30% of the project cost, whichever is less.
Lesser of $250,000 or 40% of total project cost.
The lesser of $250,000 or 20% of the total project cost.
Loans cannot exceed $50,000 or 50% of the total project cost.
Term
Machinery and Equipment (Up to 10 years), and Real Estate (Up to 15 years).
Interest Rate
Machinery and Equipment (Up to 10 years) and Real Machinery and Equipment (Up to 10 years), Real Estate (Up to 20 years).
Estate (Up to 20 years).
1/2 of WSJ Prime plus .5% when WSJ Prime is ≤ 4%; 1/2 of The greater of 1/2 of WSJ Prime fixed at closing, or a floor of 3% whichever is higher at the time of closing.
WSJ Prime plus 1% when WSJ Prime is > 4%.
Machinery and Equipment (Up to 7 years).
1% Fixed
1% Fixed
Conditions
$25,000 NCEDF dollars per 1 job created/retained, Minimum 10% owner cash or equity contribution. Key Man Life Insurance, as required.
Minimum 10% of the total loan amount in owner cash/equity
Hotels are required to comply with Section 2879‐
b of Public Authorizes Law regarding labor peace. NYS has MWBE requirements for purchases made with these funds. Key Man Life Insurance, as required. Annual financial statements due
90 days after fiscal year end. Fees
$100 non‐refundable application fee; 1% commitment fee.
$100 application fee; 1% commitment fee
$250 application fee, .5% commitment, and 2% processing fee.
None
Contact
Michelle Capone (mcapone@danc.org)
Michelle Capone (mcapone@danc.org)
Michelle Capone (mcapone@danc.org)
Michelle Capone (mcapone@danc.org)
The NCA is an Equal Opportunity Lender, Provider and Employer. Complains of discrimination should be sent to: USDA, Director, Office of Civil Rights,
Washington, DC 20250‐9410