By locating your business in the Lackawanna EZ your company may qualify to access low interest loans for working capital, infrastructure needs, machinery and equipment, land acquisition, workforce skills training assistance, advanced technological research and development initiatives, construction/expansion projects and minority/women owned and/or startup businesses among other program activities. Some financing programs are linked to job creation while others apply to only commercial, industrial or retail development projects.

Empire State Development Corporation (ESDC) Financial Aid

Companies that plan to locate, expand or modernize their facilities in New York State are also eligible for economic development financial assistance to reduce costs. Generally this assistance supports the acquisition of land and building or machinery and equipment. It also can help fund job training and development, new construction or renovation of buildings or the infrastructure and working capital required for the establishment of designated businesses. Funds may be available through:

• Direct loans to businesses for a portion of the cost of the project.
• Interest rate subsidies to reduce the cost of borrowing from private or public sector financial institutions, in the form of a grant or linked deposit with the lending institution.
• Loan guarantees for working capital assistance.
• Infrastructure assistance in the form of a loan and grant combination for a portion of the cost of the project.

ESDC can provide financial support for most types of businesses. ESDC has supported manufacturing firms, warehouses, service companies, research and development facilities and tourism destinations, as well as minority and women-owned firms performing on government contracts.

Lackawanna Community Development Corporation (LCDC) Financial Aid

The LCDC's Small Business Investment Fund (SBIF) is designed to assist businesses and industries within the City of Lackawanna in the creation and retention of businesses and employment opportunities by providing low cost financing. Through a partnership with financial institutions, SBIF financing can be used for acquisition, equipment, machinery, inventory and permanent working capital. SBIF financing is blended with private financing and owner equity to lower the cost of startup or expansion investment. Maximum SBIF financing is 50% of the total project or $50,000, whichever is less. Terms range from three to ten years and rates are 1% below prime rate. SBIF financing is attractive due to its flexibility with regard to collateral position. The time frame from application to loan closing is approximately eight weeks. Applicants must be sole proprietorships, partnerships, corporations or individuals "doing business as". The company must engage in manufacturing, transportation, wholesale trade, retail trade or service industries as defined by SIC Code. Loans can be used to purchase equipment and machinery or permanent working capital. All loans will be secured by a mortgage or security interest on the real or personal property of the borrower.