APPLY FOR BENEFITS

As a public organization, we work hard to assist in the economic development of Broome County. We have two separate entities designed to accomplish this purpose, the IDA and the LDC.

To apply for financial assistance, you must first complete an application to be considered by our staff and board of directors.

Select an application by clicking on the appropriate button below. This will download a PDF document with step-by-step instructions and the application.

IDA APPLICATION LDC APPLICATION

#THRIVENOW

INCENTIVES / FINANCING

As the lead economic development agency in Broome County, we offer various financial incentives to promote the growth of our local economy.

TAX EXEMPTIONS & INCENTIVES

For eligible projects, we can provide: Payment-in-Lieu- of Taxes (PILOT), an 8% NY State Sales Tax Exemption and a 1% Mortgage Recording Tax Exemption.

IDA

SMALL BUSINESS INCENTIVE PROGRAM

The Small Business Incentive Program can provide eligible applicants the following: an eight percent (8%) NYS sales tax exemption on all construction materials, machinery & equipment and FF&E.

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IDA

UNIFORM TAX EXEMPTION POLICY

The Uniform Tax Exemption Policy will apply to all installment sales and lease agreements in which The Agency holds nominal title to real and personal property on behalf of its clients.

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IDA

IDA APPLICATION FOR BENEFITS

This application is required to apply for Payment In Lieu of Tax (PILOT) programs, Sales and Mortgage Recording Tax exemptions and the issuance of Industrial Revenue Bonds.

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LDC

LDC APPLICATION FOR BENEFITS

This application is required to determine eligibility for tax-exempt bonds for large projects undertaken by non-profits.

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LOAN FINANCING

We currently administer three revolving loan programs to help you retain or expand your employment base.

IDA

COVID-19

EMERGENCY LOAN FUND

  • Principal and interest payments (P&I) will be waived for 12-months (*after the 12-month deferral period interest rate will be 75% of the prime rate*)
  • No application or closing fees
  • 10% equity requirement waived
  • Expedited closing process
  • Expedited loan review process to include the following:
  • Authorized Credit Check
  • Financial Documentation Review:
  • Most Recent Tax Return
  • Draft or preliminary year-end financials for 2019
  • List of current debt
  • Additional documentation may be requested
  • Non-profit organizations are not eligible*

Funds originated out of our STEED Loan Program can also assist businesses in the following counties: Broome, Chenango, Cortland, Delaware, Otsego, Schoharie, Tioga and Tompkins.

*Non-profit organizations should reach out to the Small Business Development Center (SBDC) to discuss the SBA Emergency Injury Loan Fund. https://covid19relief.sba.gov/#/

Email completed applications to nca@theagency-ny.com.

Interested businesses should contact Tom Gray at (607) 584-9000 or tmg@theagency-ny.com.

Click here to submit a completed application online.

DOWNLOAD APPLICATION SUBMIT COMPLETED APPLICATION

IDA

STEED Loan Fund

The STEED program is primarily designed to assist start-up and existing firms by offering low interest financial support.

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IDA

BDF Loan Fund

The BDF loan program is designed to stimulate the creation and expansion of small business for the purpose of retaining and/or creating jobs in Broome County.

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IDA

BR+E Loan Fund

The BR+E Fund provides low interest financing to small business concerns unable to fully finance their projects with equity, conventional financing, or other private and public sources.

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ASSISTANCE