The Cortland County Business Development Corporation (BDC) is Cortland County, New York's lead economic development agency. It is a private, nonprofit local development corporation that is publicly funded. The BDC's charge is to retain, create and attract jobs to Cortland County. It is co-located with the Cortland County Industrial Development Agency and works closely with other economic development partners including the Cortland County Chamber of Commerce, Cortland County Planning Department, Cortland County Convention and Visitor's Bureau, New York State Electric and Gas Corp., National Grid Power Corporation, and Empire State Development.
The BDC started in 1982 as the Economic Development Committee of the Cortland County Chamber of Commerce. However, since 1994 the BDC has operated as a separate organization providing a full range of economic development services. Today the BDC has a comprehensive program designed to:
- Retain business and industry in Cortland County
- Assemble resources to assist business and industry to expand in Cortland County
- Aggressively market programs to attract new business and industry to Cortland County
The BDC has played an important role in a number of significant projects over the past few years resulting in retained or new job opportunities for Cortland County residents. These included, in the past two years, $90 million in new investment programs, management of $10 million in federal and state grants for economic projects, and $8 million in SBA activity.
The BDC/IDA operates a $500,000 revolving loan fund to service businesses and industries
in Cortland County.
In addition, the BDC performs all necessary administrative services for the Cortland County Industrial Development Agency, which is a public benefit corporation that offers low cost financing for real estate and equipment through industrial revenue bonds. The agency can also negotiate with businesses for special payments in lieu of taxes, provide sales tax relief and offer exemptions from various New York State taxes and fees.