Central New York Enterprise Development Fund

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What is it?
The Central New York Enterprise Development Fund is a regional business loan program that was established in 1990. The program is managed by the Central New York Regional Planning and Development Board (CNY RPDB). Sponsors include local economic development corporations, the COMCO Development Corporation, and the Central New York Enterprise Development Corporation.

Eligible Projects
The goal of the Central New York Enterprise Development Fund is to support the growth of small manufacturing companies and service related businesses that will provide employment opportunities for local residents and bring new wealth and capital into the region.

Ineligible Projects
Most relocations, debt refinancing, newspapers, medical facilities, professional offices, retail businesses, and real estate development.

Eligible Businesses
Sole proprietorships, partnerships, and corporations with fewer than 100 full-time employees.

Direct Loans
Working capital and fixed asset loans are available up to $100,000 or 50 percent of the project cost, whichever is less. A 10 percent equity investment is required.

Loan Guarantee
Fifty (50) percent guarantee of commercial loans up to $160,000.

Term
Five year maximum.

Interest Rate
Six percent minimum on direct loans.

Collateral
Business assets and personal guarantees required.

Fees

  • On direct loans, a $500 application fee plus actual closing costs.
  • On a guarantee, a $500 application fee plus a 2% annual fee on the guaranteed portion of the loan plus actual closing costs.

Application Process

  1. Business contacts GSBDC or CNY RPDB to outline project and determine eligibility.
  2. Business files an application with the CNY RPDB. An application fee of $500 is required.
  3. Applications are submitted by the CNY RPDB to the CNY Enterprise Development Fund Loan Advisory Committee for review and recommendation.
  4. Final approval of all loan applications is made by the COMCO Development Corporation or the Central New York Enterprise Development Corporation.
  5. Following approval, a commitment letter is issued and a closing scheduled.
  6. Loan applications are processed on a monthly basis. Processing time is 60-90 days.

Contact
Peggy A. Adams, Executive Director
Michael Rosanio, Regional Loan Manager

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