Through Empire State Development ("ESD") and other State agencies, New York State can provide direct loans, grants, and interest subsidy grants that result in low-cost financing for the acquisition, renovation, or improvement of real estate, including land and buildings, as well as the acquisition of machinery and equipment and related soft costs. The availability of assistance is dependent on ESD's determination that the project involves the creation of new jobs in NY State and that the project requires public funding in order to move forward.
Direct loans can be provided at below-market rates to provide a lower overall blended rate when combined with conventional lending sources.
ESD staff will work directly with the client in each case to determine what sources of assistance are most appropriate and accessible. In addition to ESD funds, financing is available in some cases from the Environmental Facilities Corporation, Job Development Authority, and other State and local agencies.
Funds may be provided to companies that create or retain jobs in New York State and that make eligible investments in facilities, real property, machinery and equipment, training, and certain other eligible uses. State staff will determine the exact amount of funds available in each case after detailed discussions with the company making the investment and creating or retaining the jobs. Funds are provided in arrears and are subject to limitations. Other conditions apply.
For more information, visit www.empire.state.ny.us
Accomplishments
