Watertown Local Development Corporation
The Watertown Local Development Corporation will consider loan requests for eligible businesses situated in or having an economic impact on the City of Watertown. Areas of lending include low interest loans for real estate and machinery and equipment. The Local Development Corporation will also consider guaranties of working capital line of credit to Borrowers for private banking institutions. Interest rates will be determined by the Board of Directors and will normally be on a fixed rate basis. Repayment terms will include the following: Real Estate, 10 to 20 years; Machinery and equipment, 7 to 10 years.
Contact:
Donald Rutherford at (315) 786-3494
Eligibility Criteria:
1. The business must be a for-profit, private firm.
2. There must be a demonstrated need for financing from the
Watertown LDC.
3. There must be a net economic benefit to the City of Watertown.
4. The project must create or retain employment.
5. Equity participation of 10% to 20% of total eligible project
costs.
6. Maximum loan amounts are limited to 40% of project costs or
10% of total Local Development Corporations assets, whichever is lower.
7. Qualified businesses located within the Watertown Economic
Development Zone may be eligible for special opportunities
including principal and interest moratoriums, 5% per annum
interest rates. Maximum loan amounts are limited to 50% of
project costs for renovated buildings within the Zone. 40% for
new building construction with a cap of one million dollars per
project.
8. Financial Projections of three to five years are required with the
application.
9. Application Fee: An application fee of 1/2% of the loan
requested from the Watertown Local Development Corporation
must accompany this application. This fee will be refunded if
the loan closes or if the loan is found to be ineligible or declined
by the Board of Directors of the WLDC. The fee will also be
refunded if the loan does not close for reasons outside the
borrowers control. No refund of the application fee will be
granted if the applicant withdraws the application.
Four (4)
completed and reviewed applications
are due prior to the board meeting, which is held on the the second
Thursday of each month.
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