Rome Industrial Development Corporation
COMMERCIAL DISTRICT LOAN FUND
OVERVIEW
The Commercial District Fund is designed to provide financial assistance to stimulate economic development within the City of Rome's Downtown commercial corridors. Funds are made available through from Empire State Development Corporation as a means to assist with NYS municipal development by providing an additional source of capital for small businesses. Funding is earmarked for businesses to increase sales or employment as well as modernize, stabilize, or expand business operations.
SERVICE DELIVERY REGION
Within the City of Rome (if unsure of eligibility, please check with RIDC):
Black River Boulevard
Erie Blvd (south) to Floyd Ave (north)
Dominick Street
Brennon Ave (east) to Erie Blvd West intersection (west)
Erie Boulevard
Whitesboro St (east) to Gifford Rd (west)
James Street
Muck Rd (south) to Turin St (north)
R.E.A.C.H. District [area bounded by the following thoroughfares]
1) W. Dominick St. / N. James St. intersection; to
2) N. James St. / Turin St. intersection; to
3) Turin St. / Elm St. intersection; to
4) Elm St. / N. Madison St. intersection; to
5) N. Madison St. / W. Dominick St. intersection; to
6) W. Dominick St. / N. James St. intersection.
Stanwix Street
Black River Blvd (east) to N James St (west)
West Liberty Street
N James St (east) to N Madison St (west)
ELIGIBLE BUSINESSES / PROJECTS
Any startup or existing for-profit industrial, commercial, professional, or retail business with less than 50 full-time equivalent employees as the time of application as well as authorized to do business in New York State and operating out of a fixed location within the City of Rome may apply for funding (if unsure of your eligibility, please contact RIDC). Fixed asset and working capital loans are available but the borrower must supply at least 10% equity into the project (minimum of $1,000 or equivalent).
Fixed asset loans may be used for acquisition or renovation of real property including interior, exterior and facade improvements, signage, or the acquisition of permanently installed machinery or equipment. The amount of the loan will not exceed $20,000; term will be no longer than seven (7) years, depending upon the use of the loan.
Working capital loans may be used for inventory, machinery and equipment, furniture, fixtures, and other non-fixed assets. The amount of the loan will not exceed $15,000. Upgrades to existing non-fixed assets are allowed as well as loans for advertising, promotions, training and technology; term will not exceed five (5) years.
INELIGIBLE PROJECTS
No refinancing of existing debt including tax arrears; lines of credit; residential real property; or the residential portion of mixed-use property. Businesses must occupy greater than 50% of mixed-use properties. Projects that will result in a business' relocation from another municipality within New York State must provide documentation that the chief executive officer of the municipality from which the business is relocating has received written notification of the relocation and has had at least 20 days to provide written objection to RIDC.
RATES & FEES
The interest rate will be based upon the highest US prime interest rate as published in the Wall Street Journal on the first business day of the month preceding the date of loan closing, less one percent (1%). The rate will be fixed for up to five (5) years, upon which RIDC reserves the right to adjust the rate based upon any change in the US prime interest rate.
A NON-REFUNDABLE APPLICATION FEE OF $100 IS DUE AT TIME OF APPLICATION
The borrower is also responsible for all costs associated with the loan such as, but not limited to, closing costs, filing fees, taxes, legal expenses, insurance, and collection costs.
COLLATERAL REQUIREMENTS
RIDC may require collateral for any loan; acceptable collateral may be any business or personal fixed asset, fixtures, equipment, accounts receivable, inventory or other non-fixed asset as deemed appropriate. Personal guarantees of all owners of the business will be required; co-signors may be required.
RIDC is committed to the success of our borrowers. We have a streamlined lending process/procedures as well as ongoing assistance offered through our counseling/mentoring program.
Applications are available from RIDC upon appointment and review of the business plan/project proposal. Call 315-337-6360 or e-mail for your appointment today!
For more information, download the Commercial District Loan Fund brochure.
Other RIDC Revolving Loan Funds »
RIDC Lending Process »
For more information, contact:
Rome Industrial Development Corporation
153 Brooks Road
Rome, NY 13441
315-338-0393
Fax 315-338-5694
mkaucher@mvedge.org
pzawko@mvedge.org