Delaware County Economic Development has staff to assist you in researching funding sources and helping you gain access to the best opportunities available, including:
- Flexible financing alternatives for businesses located in or relocating to Delaware County
- Loans typically ranging from $5,000 to $250,000, with terms of 5-15 years
- Referrals for emergency funding needs
- Help navigating forms and applications
- Development and implementation of a Financing Plan
- Advocacy and support to induce State and Federal funding sources.
Delaware County Tourism Promotion and Development Grant Program
The Delaware County Occupancy Tax was enacted into law by the Board of Supervisors for the purposes of creating a dedicated funding stream to promote and develop the tourism industry within Delaware County and stimulating economic growth. Funds raised through the occupancy tax will be utilized to support the implementation of programs designed to promote and increase tourism in Delaware County, as well as projects relating to capital and infrastructure investments supporting the further development of this industry. Grant awards range up to $5,000. Learn more about the 2020 grant program here.
Distributed through the Delaware County IDA or LDC and available for any business purpose including acquisition, construction/renovation, equipment and working capital, these loans are provided at the current interest rate of 4.5%. The Economic Development office will provide potential loan applicants with one-on-one assistance in completing the application process, including, but not limited to, the preparation of a business plan, financial statements, and cash flow analyses.
Industrial Revenue Bonds
Industrial Revenue Bonds offer tax-exempt financing alternatives for large-scale investments in facilities and equipment ($1 million and above). These bonds typically have an interest rate that is several points lower than that offered by traditional financial institutions, and are available to manufacturing businesses and not-for-profits.
Excelsior Jobs Program
The Excelsior Jobs Program provides job creation and investment incentives to firms in such targeted industries as biotechnology, pharmaceutical, high-tech, clean-technology, green technology, financial services, agriculture and manufacturing. Firms in these industries that create and maintain new jobs or make significant financial investment are eligible to apply for up to four new tax credits. The Program encourages businesses to expand in and relocate to New York while maintaining strict accountability standards to guarantee that businesses deliver on job and investment commitments. Program costs are capped at $500 million annually to maintain fiscal affordability and ensure that New Yorkers realize a positive return on their investment.
The PILOT, or payment-in-lieu-of tax, program is available through the Delaware County Industrial Development Agency (IDA) to assist businesses that are making a substantial capital investment in the construction of new facilities and/or the expansion and renovation of an existing facility. Through this program qualifying businesses may be eligible to receive a property tax abatement on up to 75% of the project cost. The benefits of a PILOT include:
Real property tax abatement
Sales Tax Exemption for construction materials and capital equipment
Exemption from the Mortgage recording tax.
Direct grant assistance to businesses is rare and depends on a variety of factors. Our Economic Development Specialist will assist in assessing any available grants and will help you with the application process if applicable.
Businesses/entrepreneurs with a project anticipated to result in significant direct job creation may receive assistance in the NYS Consolidated Funding Application (CFA) process.
4.5% is current interest rate. Rates are subject to change without notice.
Equal Opportunity Programs. Discrimination is prohibited by Federal law.
Complaints of discrimination may be filed with USDA, Director, Office of Civil Rights,
Room 326-W, Whitten Building, 1400 Independence Ave., SW, Washington, DC 20250-9410
or call 800-795-3272 (voice) or 202-720-6382 (TDD).
USDA is an equal opportunity provider and employer.