The City of Troy
Economic Development Assistance Program (EDAP) is designed
to provide necessary capital to small businesses in
the City of Troy.
The intent
of the EDAP is to stimulate private sector economic
activity, expand the City’s commercial tax base,
and create, retain and expand business and employment
opportunities in the City of Troy.
Frequently
Asked Questions
|
| Q |
Who can apply for Economic Development Assistance program (EDAP) Funds? |
| A |
Eligible applicants include commercial or mixed-use property owners, and
private, for-profit corporations, sole proprietorships, partnerships, and
cooperatives located in the City of Troy. |
| Q |
What can EDAP funds be used for? |
| A |
Funds may be used for purposes that include, but are not limited to the acquisition of real property and/or fixed assets, including machinery and equipment, new construction, and renovation or rehabilitation of existing commercial or industrial structures. |
| Q |
Does my business or building have to be located in Downtown Troy to apply for EDAP funds? |
| A |
No. Eligibility is citywide. |
| Q |
How much funding assistance should I request in my application. |
| A |
Grant funding requires a 50% match. Dollar amounts range from $5,000 to $50,000.
EDAP funds cannot exceed 40% of the total dollar amount of the proposed project. |
| Q |
If I apply for EDAP funds from the City of Troy, can I apply for
funding from other public or private sources?
|
| A |
Yes, however many funding sources have a restriction on the total dollar amount of public funding you can receive for a single project. |
| Q |
How much of my own money do I need to have? |
| A |
Grant funding requires a 50% match. An applicant for loan funding must show that they can contribute at least 10% of their own money to the total project cost. |
| Q |
Can I apply for funding for building renovation work that I’ve already completed? |
| A |
No |
| Q |
Do I have to own property to receive EDAP funds? |
| A |
No. However, if the funds are to be used to make renovations to the property, the building owner must co-sign any agreement(s). |
| Q |
How long does it take to receive funding approval. |
| A |
Once the Planning Department receives a complete application. The review and approval process typically takes four to six weeks. |
| Q |
Who actually approves my application for funding?
|
| A |
The City of Troy has designated the Troy Local Development Corporation (TLDC) as the administrator of the EDAP. |
| Q |
How long after approval can I expect to receive a check? |
| A |
Grant funding is awarded on a reimbursement basis. Loan proceeds can be disbursed in a lump sum or in installments. Once the Planning Department receives the necessary invoices disbursement of funds can occur in two to three weeks. |
| Q |
Where does EDAP funding come from? |
| A |
EDAP funds are federal grant funds that the City of Troy receives on an annual basis. Individuals and businesses that receive these funds must meet certain federal funding criteria. |
| Q |
What types of projects is the City of Troy looking to fund?
|
| A |
Priority consideration will be given to the following projects and businesses: the acquisition of real property and/or fixed assets, including machinery and equipment, new construction, and renovation or rehabilitation of existing commercial or industrial structures.
Priority consideration will also be given to the level of employment positions created and retained, the amount of private dollars leveraging EDAP funds, the demonstrated need for EDAP funds, the quality of the employment positions as measured by such factors as payroll, benefits, and skills training, the extent of community benefit as measured by such factors as property and sales tax benefits; local purchases of materials and inventories, local impact of increased payrolls, local housing market impact, and construction and other local contracting opportunities; and the extent to which the project positively impacts local development priorities. |
