Incentives and Financing
SBA Microloans range from $2,000 to $50,000. They have a maximum repayment term of six years. Funds may be used for working capital and/or the purchase of equipment, inventory, or supplies. Any for-profit business or prospective business in Columbia or Greene County with under $3.5 million in annual sales and fewer than 500 employees is eligible. There are specific U.S. Small Business Administration standards that are applied to each applicant and a business plan is required for start-up businesses. CEDC staff can assist applicants in determining whether a Microloan is right for them.
CEDC Revolving Loan Fund
CEDC operates a revolving loan fund for loans up to $100,000. Exceptions to that limit can be made on a case-by-case basis. The maximum repayment term is 15 years. Any business or prospective business in Columbia County is eligible, and a business plan is required for start-up businesses. CEDC staff can assist applicants in determining whether a CEDC loan is right for them.
Capital Funding: Revenue Bonds
The Columbia County Industrial Development Agency (IDA) issues tax-exempt Industrial Revenue Bonds on behalf of companies that are acquiring or improving facilities. These bonds make it possible for smaller companies to get financing at the lower interest rates that FORTUNE 500 companies pay. A wide range of companies and projects are eligible for IDA financing, from factories to day care centers. However, IDA financing is appropriate for amounts from $1 million to $10 million, and our policy favors industrial enterprises.