I.D.A. Small Business Loans and Incentives

Apply for a Low Interest Small Business Loan from the Hamilton County IDA

Funds available to qualifying HAMILTON COUNTY businesses at rates of 3 percent in amounts from $2,500 to $50,000, terms from 5 to 10 years.  Larger loans may be available and require JOB CREATION.  There is an application fee of $500.  If there are no legal, mortgage or other expenses incurred, the balance of the fee will be returned.

Eligible Uses of Program Funds:

  • Capital equipment expenses
  • Inventory Working Capital
  • Construction
  • Other justifiable business purposes.

Here's What You Will Need to Start the Ball Rolling:

EXISTING BUSINESSES:

Your Business Plan , a separate statement explaining what you intend to do with a loan to improve or sustain your business and a completed questionnaire (form found on this page). If the preliminary information is in order, financial information and a personal interview will also be required. All financial information is held in strictest confidence.

NEW BUSINESSES:

You must provide a business plan, a completed questionnaire (form found on this page) and a statement of how an IDA loan will be used. Further financial information and a personal interview will also be required after review of your preliminary information. All financial information is held in strictest confidence.

Please note the following components that your business plan MUST for loan consideration:

1. Executive Summary – Overview of the business
2. Competitive Assessment (names, locations and websites of your competitors, how do they compete,  reasons why they are successful – or not)
3. Description of the Operation – Personnel, Responsibilities
4. Unique Offering – Why you will succeed, what differentiates your product or service from your competitors'
5. Product Offering – Description, Costs, Sources
6. Five (5) Year Profit and Loss (P&L) Projections (First year monthly)
7. Three (3) Year Cash Flow Projections By Month

COLLATERAL: Please include a list of assets that may be used to secure the loan: real property equity, equipment, vehicles, etc.

Call Christy Wilt with questions: 518 548-3078

Click  HERE  or the Pre-Application Questionnaire

Click   HERE   for the complete Business Loan Application Form

Click  HERE for the application fee policy

Please mail completed Business Loan Application Form to:

Hamilton County IDA
PO Box 57
Lake Pleasant, NY  12108

The Hamilton County Industrial Development Authority is an equal opportunity lender. 
 

The HCIDA provides a variety of financing and incentive programs to help jumpstart your business.

We're Here for You

  • Of all the available incentives to help jumpstart your business in Hamilton County, the one you will appreciate most is us. Our team helps you every step of the way, finding the financing and incentives best suited to your project now, and whenever you need us in the future.
  • Tax Abatement Programs
  • Bond Financing
  • Loan Funds
  • Empire State Development Programs
  • NYPA Economic Development

Bond Financing

Companies with strong financial positions and solid operating histories which propose projects that create jobs and invest capital in Hamilton County may be eligible for industrial revenue bond financing. Negotiable, tax-exempt or taxable bonds and notes are available through the IDA to finance acquisition, construction, or reconstruction of manufacturing, warehousing, research, commercial, industrial, and pollution control projects. Contact us to discuss your financing needs and eligibility for industrial revenue bond financing.

Tax Abatement Programs

  • Lower your project costs and unlock capital through one of our tax reduction programs.
  • The Hamilton County IDA works closely with local taxing jurisdictions to offer real property tax abatements and exemptions from sales, use and mortgage recording taxes to assist new or expanding businesses that will positively impact the region.
  • Real Property Tax Abatements apply to the value added by construction or renovation for 10 years once a project is complete. In exchange for the tax abatement, developers make Payments-In-Lieu-Of-Taxes (PILOT) structured by the Hamilton County IDA with approval by the taxing jurisdictions. 
  • When approved for Sales and Use Tax Exemptions, developers can purchase project-related construction materials, equipment, furnishings, and services with an exemption from local and State Sales and Use taxes as an agent of the Hamilton County IDA.
  • Even if the Hamilton County IDA does not provide the financing or issue bonds for your project, you may still be eligible for a Mortgage Recording Tax Exemption on project related financing.

Loan Funds

Empire State Development Programs

    • Welcome to the State of Opportunity in New York’s North Country Region! You’ll find an array of Empire State advantages: tax-based incentives, partnerships fostering the development of innovative technologies and products, and the financial support needed to help businesses grow.
    • We work closely with our partners at ESD to create the perfect place for your business.
    • Contact us to get started and we’ll introduce you to our partners at ESD.

NYPA Economic Development

The New York Power Authority (NYPA) helps support Hamilton County business attraction and retention through our Northern New York Economic Development Fund and low-cost power* programs.

NYPA is the largest state electric utility in the nation, with 16 generating facilities and over a thousand miles of transmission lines – providing customers with the innovative services they value.