ROME INDUSTRIAL DEVELOPMENT CORPORATION

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ROME INDUSTRIAL DEVELOPMENT CORPORATION (RIDC)

Thinking about starting a new business or expanding an existing one in the City of Rome? If so, one of your very next steps should be to arrange a consultation with the Rome Industrial Development Corporation (RIDC). RIDC can help introduce you to a wealth of valuable economic development information that will help get your venture on the right track from the start. And, it is the only full-time economic development corporation working full-time, for the economic benefit of the entire City of Rome.

RIDC is a private sector, non-profit economic development corporation established in 1959. Governed by a board of directors consisting of community-minded local business people, and staffed by business-friendly professionals, RIDC's mission is "to maintain and improve the economic vitality and quality of life of the City of Rome and its environs by supporting, nurturing and encouraging its commercial, industrial and financial development".

The Job/Business Retention Loan Program is designed to assist any existing Rome business that has suffered recent significant financial losses due to circumstances or situations beyond their management's control.

In order to ease the cash flow crunch resulting from loss of business, this loan program offers up to $10,000 of working capital and features an expedited application process, no front-end costs or fees, a deferment of loan principal payments for the first year, and an opportunity for forgiveness of the last year's payments [one-fourth of the loan principal]. Applications will be taken by RIDC until available funds are exhausted or until October 1, 2006.

For more information, download the Job-Business Retention Loan Program.

RIDC has received NYS approval to expand the Service Delivery Region (SDR) of its existing Commercial District Loan Fund in order to better serve the small business clients on Rome's commercial corridors. These funds are available to RIDC through an agreement with the NYS Urban Development Corporation in order to stimulate the economic development of central business districts and commercial strips in NYS municipalities. Loans are available for real estate acquisition, capital purchases, and working capital and often comprise a supporting component of a larger financing package based upon a commercial bank loan. This loan fund has been a historically strong and successful program for RIDC, but the SDR expansion was proposed in order to complement the City of Rome's various small business development initiatives as well as further leverage the fund's economic development potential.

The new SDR includes significant portions of Erie Blvd West, South James Street, West Dominick Street, Black River Blvd, and the proposed Rome Entertainment, Arts, Cultural, and Historical district. For a complete description, see the revised Service Delievery Region for the Commercial District Loan Fund. Please contact RIDC to determine your business' eligibility and/or to receive a loan application.

For more information, download the Commercial District Loan Fund brochure.

• Business Financing — RIDC operates several revolving loan fund programs which can assist your business with financing for business expansion, and in some cases start-up. Favorable interest rates and terms are available. Proceeds can be used for real estate, equipment and working capital. In addition, RIDC works in very close cooperation with local commercial banks, Mohawk Valley EDGE, Mohawk Valley Economic Development District, Empire State Development, the New York Business Development Corporation, and the federal Small Business Administration, to help arrange the most advantageous financing package for your business expansion efforts. Tell us your plans and we'll help assemble the appropriate financing partners for your project.
  
• Empire Zone Tax Incentives — RIDC is the administrative entity for the City of Rome Empire Zone, which offers expanding businesses in certain areas of the City the potential for a wide range of tax incentives, including:
  • Sales tax reduction
  • Wage tax credits
  • Real Property tax credits
  • Investment tax credits
  • Lower cost electric, gas and phone service
• Building and Site Selection Assistance — If you need assistance in locating the right building or site for your business, RIDC can help you as it maintains a data base of available industrial and commercial facilities city-wide.
• West Rome Industrial Park — RIDC was the developer of the area that is that is now the West Rome Industrial Park. Since that time, the Park has become the home of Rite-Aid Northeastern Customer Support Center; Niagara Mohawk, a National Grid Company; Universal Linen Services, Enviromaster International; ConMed Corporation; Griffith Energy; UPS; Cold Point Corporation; Nortek Powder Coatings; and Resident Shoppers Service. RIDC built and owns two of the buildings in the Park and leases them to Enviromaster, UPS and Cold Point Manufacturing.
• Business Assistance Networking — RIDC serves as a central location for "plugging-in" to the vast network of governmental, institutional and professional service providers that can all play a roll in the success of your business. A short list of local economic development partners includes:
  • City of Rome Department of Planning and Community Development for its Façade Improvement and Entrepreneur Assistance Program for Jobs;
  • Mohawk Valley Community College-Rome Campus for business education programs and employee training services;
  • Rome Area Chamber of Commerce for its area business promotional efforts, health insurance and member-to-member discount programs;
  • Rome Main Streets Alliance for its efforts to reinvigorate downtown Rome.
  • SCORE (Service Corp of Retired Executives) for its FREE, one-on-one, business counseling services, which are provided at the Rome Area Chamber of Commerce/RIDC offices, in cooperation with the US Small Business Administration.
  • Small Business Development Center at SUNY - IT for its business plan development and business counseling services, which are provided on-site at RIDC's offices at 139 West Dominick Street, by appointment.
  • Working Solutions for employee recruitment and screening, On-The-Job Training, education; and human resource consulting.

THE CENTER OF IT ALL

Whether it's helping a new business start with a solid foundation, assisting an existing business expand, or working to attract new business to Rome, RIDC serves as a comprehensive resource for valuable economic development program services and information. Please call (315) 337-6360 for more information, or visit our website at www.romeny.org. We look forward to helping you grow your business in Rome, New York...the Center of It All!