The Roadmap for Growth: Step by Step

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...

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

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:

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.

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:

The SBDC

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

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

NYBDC

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.

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.