Empire Zone /Statewide Zone Capital Corporation
Brochures/Forms
Information
Sheet
Loan
Officers
Application
SBA
Form 413
Explanation
The purpose of the Statewide Zone Capital Corporation Loan Fund is to promote the development of new businesses, the expansion of existing businesses and the development of human resources in the Zones by providing loans to or investments in Certified Zone Businesses. Statewide ZCC will process and underwrite all loan/investment applications generated by the Zones through 11 regional committees and one central investment committee.
Loans range from $30,000 to $300,000 and may be used for a broad range of purposes including facility acquisition or renovation, machinery and equipment, working capital lines and inventory financing. Typically, Statewide ZCC will not provide more than 50% of the total funding being sought by a Certified Zone Business. The purpose of the fund is not to be a single source lender competing with banks, but rather to fill "gaps" between existing sources. This fund provides Zones with another factor to draw businesses into the Zones, or to encourage those already located in the Zone to expand.
In order for a business to apply for a loan or investment from the Statewide ZCC, it should first contact the local Zone Coordinator in the Zone in which it is located, or is seeking to locate its business. The Zone Coordinator will work with the QEZE to assess its funding needs and determine if Statewide ZCC has the right financial product to meet those needs. Once a loan or investment request has been defined, a preliminary application is completed and presented by the Zone Coordinator to the local Zone Board for consideration. If the Zone Board passes a resolution approving the proposed loan to the QEZE, it forwards its recommendation and the preliminary application to NYBDC. NYBDC will then proceed to work with the QEZE to complete the loan package and underwrite the loan, and will also assist in the process of working with the participating lender(s). After the underwriting process is completed, NYBDC will make its recommendation for approval to the Investment Committee for Statewide ZCC, and if that approval is granted, a closing is scheduled. NYBDC will also provide all post-closing servicing of loans and investments.
Contact:
(315) 782-1167
Eligibility Criteria
1. The Business must be/become a Zone Certified business in the
Watertown Empire Zone
2. Cash equity participation of at least 10% of the total project costs.
3. Projects must promote business start-up, retention or expansion.
