FUNDING AND INCENTIVES
Our Business Development Concierge representatives can help you access all of the federal, state, regional, and county funding programs to help you create and expand your business.
Catskill Watershed Corporation
The CWC’s Economic Development Programs are intended to support environmentally responsible businesses and to create and retain jobs in the Catskills Region. They are intended to help offset impacts of New York City Watershed regulations and the City’s acquisition of thousands of acres of land which will remain permanently off limits to development. The cornerstone of the CWC’s efforts in the West-of-Hudson (WOH) Watershed is the Catskill Fund for the Future (CFF), a revolving fund initially capitalized, in 1997, by a $59.7 million appropriation by New York City. This fund is invested and wholly managed by the CWC.
firstname.lastname@example.org | 845-586-1400
Delaware County Industrial Development Agency
Assists businesses and industry for the purpose of retaining and expanding existing job opportunities, attracting new jobs, and stimulating the investment of capital in the county. Helps businesses be competitive and profitable by offering financial assistance, business incentives, tax exemptions, and bonds to raise capital. Develops and improves local infrastructure.
email@example.com | (607) 832-5123
Offers a revolving loan program for businesses in the towns of Middletown, Roxbury, and Andes.
firstname.lastname@example.org | (845) 586-3500
Watershed Agricultural Council
Offers micro-loans to farm and forest businesses in the NYC West of Hudson Watershed.
Alternative Lenders Directory
A listing of local and statewide alternative lenders to small and minority and women entrepreneurs.
This pool of private bankers lending to small and medium-sized businesses, with an emphasis on minority and women-owned businesses.
U.S. Small Business Administration (SBA)
The SBA offers a variety of financing options through a loan guaranty program with commercial banks and lending institutions. The SBA does NOT provide direct loans or grants to start or grow a business. However, the SBA guaranty programs, by sharing the risk with the lender, do reduce the probability of a loss to the lender and thereby make it easier for the lender to extend credit. For small businesses that are unable to borrow on reasonable terms through conventional lenders, the SBA guaranty program can make the difference in successfully securing a loan.
SBA 7(a) Loan Program
This is the SBA’s primary loan program through which the SBA guarantees major portions of loans made to small businesses by primary lenders. This program is intended for for-profit businesses with:
● Good character
● Fair credit record
● Sufficient management expertise
● A feasible business plan
● Adequate equity in the business (typically a minimum of 20%)
● Sufficient collateral
● Adequate cash flow to repay debt
The fund may be used for business acquisition or start-up, purchase or remodeling of real estate, leasehold improvements, equipment purchases, working capital, and inventory. No debt refinancing. Term loans only. Private lenders provide the loan. Typically, the SBA will guarantee up to 75% of loans (or up to 85% for loans less than $150,000).
SBA 504 Loan Program
The 504 Loan Program provides growing businesses with long-term fixed-asset financing with a minimum equity injection from the company being financed. Funds may be used for land acquisition, building construction, purchase of existing buildings, site improvements, renovation, restoration, and purchase of major equipment. Maximum 504 Loans can reach $4 to $5.5 million depending on the type of business, have fixed interest rates, and loan terms to 10 to 20 years.
SBA Express Loan Program
Gives select lenders the authority to expedite applications for the SBA 7(a) loan program. Qualifying businesses may enjoy a turn-around-time of no more than 36 hours, making this a quick loan processing service that b=can provide borrowers with up to $350,000 for a term loan or a revolving line of credit. There are some limitations on real estate and construction. A private lender provides the loan. SBA guarantees up to 50% of the loan.
The microloan program provides loans up to $50,000 to help small businesses and certain not-for-profit childcare centers start up and expand. The average microloan is about $13,000. The SBA provides funds to specially designated intermediary lenders, which are nonprofit community-based organizations with experience in lending as well as management and technical assistance. These intermediaries administer the Microloan program for eligible borrowers. Microloans can be used for a variety of purposes that help small businesses expand, including working capital, inventory, supplies, furniture, fixtures, machinery, and equipment. Cannot be used to pay existing debts or to purchase real estate.
New York State Tax Incentives
Film Production Tax Credit Program
Production companies may be eligible to receive a fully refundable credit of 25 percent of qualified production costs and post-production costs incurred in New York State (NYS). For the period 2015-2025, productions with budgets over $500,000 can receive an additional 10 percent credit on qualified labor expenses incurred in Delaware County.
email: email@example.com | (212) 803-2328
The Work Opportunity Tax Credit (WOTC)
Helps targeted workers move from economic dependency into self-sufficiency as they earn a steady income and become contributing taxpayers, while participating employers are able to reduce their income tax liability. The maximum tax credit ranges from $1,200 to $9,600, depending on the employee hired. To qualify employers for the credit, individuals must be verified as members of a targeted group.
The groups include:
● People who receive Temporary Assistance for Needy Families (TANF)
● Veterans who receive Supplemental Nutrition Assistance Program (SNAP) benefits or have a service-related disability or have been unemployed 4 or more weeks
● People with felony convictions
● Disabled persons receiving rehabilitation services
● People (age 18-39) who receive SNAP benefits
● People who receive Supplemental Security income
● People who receive Long-Term Family Assistance
● Qualified Long-term Unemployment Recipients
● Workers with Disabilities - Employment Tax Credit (WETC) - Businesses that employ people who currently receive vocational rehabilitation services (or people who received them up to two years prior to hire) may earn $2,100 more in state tax credits. You get the credit during the second year of employment and can combine it with the WOTC credit.
The Hire-a-Vet Credit (NYS Tax Credit)
encourages the hire of qualified veterans. Businesses must employ a qualified veteran for no less than 35 hours per week for one full year. A qualified veteran is someone who served on active duty in the US Army, Navy, Air Force, Marine Corps, Coast Guard, Reserves, National Guard, New York Guard or New York Naval Militia, and was released from active duty by general or honorable discharge after September 11, 2001. Qualified veterans must attest that they were not employed for 35 or more hours in the previous 180 days.
Minimum Wage Reimbursement Credit (NYS Tax Credit)
The Minimum Wage Reimbursement Credit helps businesses adjust to the rise in the minimum wage rate of pay. Businesses may earn a credit of 75 cents per hour for all hours worked by an eligible employee. An eligible employee is a student who is 16 to 19 years of age at the time of employment at the minimum wage rate.
New York Youth Jobs Program tax credit
The New York Youth Jobs Program, formerly called New York Youth Works, encourages businesses to hire unemployed, disadvantaged youth, ages 16 to 24, who live in New York State. This program helps make it easier for youth to find a job and career training path.
Call the New York State Labor Department at 1-888-4-NYSDOL or visit their website at www.labor.ny.gov
Opportunity Zones (Federal Government)
Opportunity Zones are distressed census tracts designated by the US Department of Treasury under the Federal Tax Cuts and Jobs Acts of 2017. Opportunity Funds provide investors the chance to put that money to work rebuilding the low to moderate income communities. The fund model will enable a broad array of investors to pool their resources in Opportunity Zones, increasing the scale of investments going to underserved areas. Opportunity Zones in Delaware County include towns of Deposit, Masonville, Sidney, and Walton.
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© Delaware County Chamber of Commerce 2021