Special note to agribusinesses: For assistance program tailored to agribusiness, please see our Cortland County Agribusiness Guide.
Topics on this page include:
- Step-by-Step Assistance
- Small Business Development Center (SBDC)
- The SBA
- New York Business Development Corporation
- Cortland County Revolving Loan Fund Program
With Cortland's new Empire Zone in place offering incentives for expansion, and with interest rates at historic lows, it's a good time to think about growth. From strategic planning and business plan development, to identifying resources to help companies grow to the next state or capitalize an investment in facilities, equipment or technology, the Cortland County Business Development Corporation (BDC) and the Industrial Development Agency (IDA) are here to help. We partner with federal, state, regional and local partners to make projects work. Here's a flowchart to get you started...
Contact the BDC/IDA
Cortland County Business Development Corporation
37 Church Street
Cortland, New York 13045
Phone: (607) 756-5005
Fax: (607) 756-7901
E-mail: grow@cortlandbusiness.com
Cortland County Industrial Development Agency
37 Church Street
Cortland, New York 13045
Phone: (607) 756-5005
Fax: (607) 756-7901
E-mail: info@cortlandbusiness.com
Establish a Business Plan
If your company doesn't already have a business plan, we can help get you started by thinking through some important issues. A good business plan is a valuable tool when it comes to financing growth, and also helps set goals to guide your development. (See the accompanying checklist for ideas.) The BDC/IDA and Chamber of Commerce jointly host the SBDC at our office for monthly business assistance days. Call us at (607) 756-5005 to set an appointment.
New York Small Business Development Center (SBDC)
Onondaga Community College
Whitney Applied Technology Center
4941 Onondaga Rd
Syracuse, New York 13215-2099
(315) 498-6073
http://www.onondagasbdc.com
Define the Project
Is it new equipment or technology, an expansion to an existing facility, or working capital to introduce a project or service? Defining the project will help us better line you up with the right resources.
Once you have a business plan in place, answering these three questions will help us get your project moving...
- What's the total capital investment?
- What is the job creation impact?
- What's your financial need?
If you've outgrown your existing facility, and are considering a new facility, we can help you with site selection, as well as marketing your existing building if you're ready to move up in size. We maintain an extensive database of available commercial and industrial properties, as well as locations that are appropriate for retail or service businesses, and work through a network of local realtors who can help you with the real estate transaction. Call us at (607) 756-5005, or additional resources for site selection include:
Cortland County Planning Department
37 Church Street
Cortland, New York 13045
(607) 753-5043
Or a list of local realtors is available through the
Cortland County Board of Realtors
11 North Main Street
Cortland, NY 13045
(607) 753-1227
Understand Zoning, Code and Signage Issues
Where is your business site? Are there any building or zone restrictions? What are the rules about signage? The next step is to contact your local municipality for the appropriate code enforcement officer. The BDC/IDA can furnish you with a list of local contacts. Call us at (607) 756-5005, or contact the Cortland County Planning Department at (607) 753-5043.
Financing
The BDC/IDA can link you to a myriad of lenders ranging from local commercial banks to public sector, nonprofit and pooled lending sources. Very often we'll bring together a number of funding sources to make a project work. In addition, the BDC/IDA also operates a Cortland County Revolving Loan Fund which can often help package the deal. We sponsor monthly business assistance days with the SBA and NYBDC at our office which provide businesses with valuable free technical assistance help understand cash flow, deal with credit enhancement and collateral and help identify equity -- getting you and your business ready for the underwriting process. To make an appointment for these free sessions, call us at (607) 756-5005.
Other good resources include:
US Small Business Administration Elmira Branch Office
333 East Water Street, 4th Floor
Elmira, New York 14901
(607) 734-8130
or Syracuse District Office
401 S. Salina Street, 5th Floor
Syracuse, NY 13202
(315) 471-9393
New York Business Development Corp.
Empire State Certified Development Corp.
50 Beaver Street
Albany, New York 12207
1-800-923-2504
Empire State Development - Regional Office
620 Erie Boulevard West, Suite 112
Syracuse, NY 13204
(315) 425-9110
Thoma Development
34 Tompkins Street
Cortland, NY 13045
(607) 753-1433
Central New York Regional Planning and Development Board
Central New York Enterprise Development Fund
COMCO Development Corporation
126 North Salina Street, 100 Clinton Square
Syracuse, NY 13202
(315) 422-8276
Empire State Development Division for Small Business
30 South Pearl Street
Albany, NY 12245
(518) 292-5220
esd_smallbus@empire.state.ny.us
The Small Business Development Center (SBDC) based out of Onondaga Community College is one of 20 Regional Centers located throughout the state providing management and technical assistance to startup and existing small business firms.
The SBDC receives funding from three sources: the US Small Business Administration, New York State, and the State University of New York system. Specializing in direct one-to-one counseling, the SBDC offers assistance in business areas such as:
- Startup assistance
- Feasibility assessments
- Business plan development
- Bookkeeping, accounting and financials
- Sources of financing
- Marketing
- Business expansion and relocation
- Human resources
- Invention assessment
- Exporting
- General research
How To Get Started...
Small business owners who need assistance, or any individual considering starting or purchasing a small business may request assistance. There are no fees for direct confidential counseling. Several times each month the Onondaga SBDC Center conducts business startup information sessions held at the Cortland BDC office in Cortland. In these sessions, business owners or people interested in forming a business receive assistance with topics that range from the various forms of business structure to business planning, marketing, accounting systems, and more. SBDC staff has access to faculty, staff, students and the vast resources of private and public consultants, agencies and the National Small Business Development Center Research Network.
How To Apply...
Owners of current small businesses or individuals considering starting or purchasing a small business may request assistance from the SBDC. Emphasis is placed on providing services to manufacturers, women, veterans and minorities. Additional referrals are made by the SBA, banks, economic development agencies, chambers of commerce and other service providers. Call the BDC at (607) 756-5005 to schedule an appointment.
For more information:
http://www.onondagasbdc.org
Phone: (607) 777-4024
The SBA's primary business loan program, the 7(a) Loan Guaranty, helps secure loans to businesses who cannot obtain financing on reasonable terms by reducing risk to lenders who approve and service the loans in return for SBA guarantees. There are a number of loan programs under the 7(a) program that address specific needs. For small business loans of $150,000 or less, a low documentation loan features a one-page SBA application, cutting the paperwork burden for both small businesses and lending institutions. If approved, the SBA guarantees up to 85% of the loan with a quick turnaround to the lender.
Other specialized SBA programs include loans for women and minority business owners, loans for short-term working capital, export working capital financing, international trade loans, and micro loans under $35,000 for small-scale financing purposes such as inventory and supplies.
For more information on the US Small Business Administration:
http://www.sba.gov/ny
(607) 734-8130 or (315) 471-9393
The Cortland County BDC is an active associate member of The New York Business Development Corporation (NYBDC-Business New York). Formed in 1955 with the purpose of providing creative and innovative financing to small and medium-sized businesses in New York State, NYBDC is a privately owned, for-profit lending consortium which enables small business owners to get started or expand by absorbing a portion of the risk.
The organization's lending power comes from its 160 bank partners who make an annual membership investment in the consortium. Additionally, the New York State Common Retirement Fund has made $100 million available to NYBDC on two occasions, once in 1988 and again in 1998.
NYBDC has four major affiliate companies: NYBDC, NYBDC Capital Corporation, Empire State Certified Development Corporation (ESCDC) and the Statewide Zone Capital Corporation. NYBDC provides term loans in participation with member banks for expansion and access to capital. The program offers working capital, equipment and real estate loans at fixed interest rates payable over long terms.
In 1983, NYBDC formed the not-for-profit Empire State Certified Development Corporation in order to provide Small Business Administration 504 loans. ESCDC is managed by the staff of NYBDC and provides 90% financing on second mortgage loans with fixed interest rates payable over a twenty-year period. The borrower is responsible for a 10% down payment.
NYBDC approves loans ranging from as little as $25,000 to as much as $1.5 million. By functioning in partnership with the banking community and the public sector, NYBDC not only provides a means of expansion and access to capital for small to mid-sized businesses across New York state, it also creates and preserves jobs, rejuvenates communities and assists in the growth of the entire state's economy.
For more information:
http://www.nybdc.com
1-800-923-2504
There's help for small businesses looking to implement new technology or productions processes, or get into export markets from the Central New York Technology Development Organization.
For more information, contact:
TDO - Solutions for Manufacturing and Technology
1201 East Fayette Street
Syracuse, NY 13210
http://www.tdosolutions.com
(315) 425-5144
Cortland County Revolving Loan Fund Program
The Cortland County BDC/IDA administers a County Revolving Loan Fund program.
General Guidelines
| Eligible borrowers: | Eligible borrowers shall include for-profit manufacturing, professional, service and commercial businesses, excluding retail. Eligible applicants shall include sole proprietorships, partnerships, corporations and limited liability corporations. |
| Ineligible applicants: | Businesses that have principals or immediate family members who hold a legal or financial interest or influence in Cortland County or the Cortland County Business Development Corp. (BDC) shall be deemed to have a conflict of interest. |
| Loan proceeds: | Loan proceeds may be used for the following: a) purchase of capital equipment; b) real estate acquisition and/or new construction; c) renovations and/or additions to facilities; d) inventory; and e) working capital. |
| Eligible activities: | Business acquisitions, construction, conversion, enlargement, repair, modernization, or development; the purchase and development of land, easements, rights-of-way, building, facilities, leases, or materials; the purchase of equipment, leasehold improvements, machinery, or supplies; pollution control and abatement; transportation services; startup operating costs and working capital; feasibility studies; reasonable professional fees related to eligible projects; and aquaculture as defined by Rural Development of the US Dept. of Agriculture [ref. Section 1948.109(b)(2)]. |
| Ineligible activities: | Speculative activities (land banking and speculative buildings); purchase or finance equity in private business; debt consolidation or refinancing; agriculture production (except: aquaculture as defined by Rural Development, commercial nurseries, forestry, livestock and poultry processing, growing of mushrooms or hydroponics, all of which are eligible); any illegal activity, hotels, motels, tourist homes, convention centers or amusement centers; and relocation out of Cortland County. |
| Loan size: | The maximum loan allowable is $100,000 or 50% of the eligible project costs, whichever is less. The minimum loan allowable is $10,000. |
| Matching private investment: | At least 50% of the total project cost must otherwise be provided by the applicant in the form of: a) bank financing; b) other private financing; c) equity; and/or d) public financing other than the requested loan. |
| Equity requirement: | A minimum of 10% owner equity is required for all loans. |
| Interest rate: | The interest rate for all loans is 6% fixed. |
| Terms: | General guidelines:
|
| Collateral: | The BDC shall coordinate with other participating lenders. The BDC shall require a personal guarantee of any individual with at least a 20% ownership interest in the project. In all instances however, the BDC shall obtain the best collateral position possible. |
| Job retention / creation requirements: | All loans shall seek to retain and/or create at least 1 (one) FTE job per $10,000 in BDC funds requested. The BDC will consider the wages to be paid in deciding to deviate from the job creation ratio. |
| Fees: | $200 non-refundable application fee. 1% of loan amount (min. $500), plus expenses, due at closing. |
| Payment schedule: | All loan payments are due on the first day of the month. Late fee assessed after ten days. |
| Application review: | Applications are reviewed monthly by the BDC/IDA loan review committee. |
| Code compliance: | All borrowers must comply with all federal, state and local laws, codes, ordinances, etc. |
| Contact: | Tel. (607) 756-5005 Fax: (607) 756-7901 Email: info@cortlandbusiness.com |
Note: The BDC/IDA Board of Directors expressly reserves the right to accept or reject any loan application and to approve or deny any loan request at its sole discretion. The BDC/IDA also reserves the right to deviate from any and all of the foregoing parameters.