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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.
Eligible
Applicants - Eligible applicants include
existing and start-up private, for-profit corporations,
sole proprietorships, partnerships, and cooperatives
located in the City of Troy. You may download an application
from this page.
Please return completed applications to:
Sondra A. Little
Economic Development Program
City Hall – 1 Monument Square
Troy, New York 12180
518-270-4589
Eligible Uses |
| The EDAP is targeted to businesses and projects
that have the greatest potential for long-term
job creation and retention. 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.
Funds may also be used to rehabilitate publicly
owned facilities or infrastructure necessary
to accommodate the creation, expansion or retention
of for-profit business resulting in the creation
and/or retention of permanent, private-sector
job opportunities.
The Economic Development Assistance Program
(EDAP) will only provide the funds necessary
to bridge “financing gaps” and ensure
that projects move forward.
Proceeds can be used to finance:
A.Working Capital,
B.Inventory Purchase,
C.Equipment, Machinery, Furniture, and Fixtures
Acquisition, and
D.Real Property Acquisition, Construction, Rehabilitation. |
Guidelines |
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Loan
Guidelines
a) Minimum
loan amount $25,000, Maximum loan amount $250,000.
b) The
maximum percentage of the total project cost that
will be financed by the EDAP is 40%. The applicant
must contribute at least 10% of the total amount
of financing for the project.
c) 5 years terms for loans up to $50,000.
Up to 15 years for loans of $50,000 or more.
d) The interest rate to be charged will be
determined by the Loan Committee at the time
of the loan approval and shall be based upon
such factors as the risk of default, the value
of security, and prevailing commercial lending
rates.
e) One full-time job must be created or retained
for every $35,000 awarded through the program.
f) No Prepayment Penalty.
g) Only completed applications will be accepted.
The EDAP staff shall make any judgments regarding
the adequacy and completeness of the application.
h) A non-refundable application fee of $50.00
for loans up to $50,000, and $100.00 for
loans of $50,000 or more is required upon
submission of the application.
i) All
EDAP loans shall be secured by collateral.
Grant
Guidelines
Grants
will be awarded through the EDAP on a 50/50 matching
fund basis to applicantes proposing to undertake
interior commerical building renovation projects.
Maximum dollar amount of grant awards will be
$10,000.
Grant
applicants must demostrate that they:
a)
are renovating commercial space
b)
have Planning Board approval for all proposed
work including work that will not be funded with
the grant
c)
own the property
d)
have the ability to provide a 50% match
e)
space has been vacant for more than twelve (12)
months
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Ineligible Uses |
a) Projects cannot be solely residential in
nature.
b) Costs
incurred prior to the submittal of the application
are not eligible.
c) Investments in real estate held for investment
purposes.
d) Distribution or payments to owners and shareholders.
e) Finder’s fees for securing financing.
f) Payment of delinquent taxes.
g) Providing
more than 25 percent of loan proceeds for refinancing
of existing debt.
h) No member, officer or
employee of the City of Troy, or its designee
agents, no member of the City Council of the City,
and no other public official of the City who exercises
any functions or responsibilities with respect
to the program during this tenure or for one (1)
year thereafter, shall have any interest direct
or indirect, in any contract or subcontract, or
the proceeds thereof, or benefit from a project
resulting from this program. |
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