 |
||||||||||||||||||
 |
||||||||||||||||||
 |
||||||||||||||||||
 |
||||||||||||||||||
 |
||||||||||||||||||
 |
||||||||||||||||||
 |
||||||||||||||||||
 |
||||||||||||||||||
 |
||||||||||||||||||
 |
||||||||||||||||||
|
BEST MID SIZED CITIES FOR JOBS LIST BY FORBES MAGAZINE -- GLENS FALLS IS 12TH |
|||||||||||||||||||||
CONGRESSMAN BILL OWENS VISITS GLENS FALLS
|
|||||||||||||||||||||
DESIGN APPROVED FOR FIRST BUILDING AT |
|||||||||||||||||||||
RIGHT AT HOME - There's No Better Region Produced by Pepe Production |
|||||||||||||||||||||
CITY OF GLENS FALLS RECIPIENT OF NEW $250,000 LOAN PROGRAM $250,000 LOAN PROGRAM |
|||||||||||||||||||||
The GGFLDC will improve the economic conditions of the Glens Falls area by attracting new business and industry. One of the ways the LDC does this is through the administration of the Economic Development Revolving Loan Program.
ECONOMIC DEVELOPMENT REVOLVING LOAN PROGRAM
The primary objectives of the revolving Loan Program are to create and retain employment opportunities for persons of low-to-moderate income through the expansion or creation of new businesses in the City of Glens Falls; to retain existing employment opportunities; to increase municipal sales and property tax revenues; to provide assistance to projects that present growth potential; to provide assistance to maintain, establish or expand small business – especially in the Central Business District; to leverage the greatest level of private funds possible; and to manage the loan fund in a manner that results in an increasing loan pool.
Assistance will be provided in the form of secured term loans.
The applicant for loan funds must be current on real property taxes, all mortgage obligations, federal and state tax obligations, and all other debts. Revolving loans (i.e. credit cards) must be a manageable size and be receiving sufficient payments. The borrower must be free of any unsatisfied judgments or other claims which interfere in the lender’s rights in the collateral. Project feasibility includes, but is not limited to:
- Evidence that costs, both capital and operating, are reasonable. A reasonable, well thought out business plan.
- Appropriate management and financial accounting capabilities are in place.
- A market for the proposed products/services exists, and that a reasonable marketing plan is in place.
- Revenue estimates that are reasonable and that all sources of project funds, other than that from the Revolving Loan Fund, are firmly committed or can reasonably be expected to be committed prior to the loan closing.
The GGFLDC will look at personal financial statements; project capital cost estimates; equipment quotes; working capital needs; projection of income operating expenses; cash flow and net profit before depreciation and taxes; job projections; evidence of equity and other firm financial commitments.
ELIGIBLE USES OF FUNDS AND LOAN TERMS
| Purchase of capital equipment | Useful life of equipment or 5-7 years, whichever is less. | |
| Renovations and/or additions | Up to 10 years* | |
| Acquisition and/or new construction | Up to 15 years* | |
| Inventory | Up to 2 years | |
| Working capital | Up to 2 years | |
| * The GGFLDC may increase the terms of the loan if conditions or circumstances warrant. | ||
It is the policy of the program that all loans be secured whenever possible. The security will be in equipment, land and buildings, assets of the business and/or assets of the business owner(s) or corporate officers. Realistically, the loans may have to take a subordinate position to other private lenders, which is acceptable if conditions and circumstances so warrant.
An application fee of $250.00 must accompany each application for a loan. Legal and accounting fees that the GGFLDC will incur make up the bulk of the costs involved. In addition, the applicant will be responsible for any disbursement regarding its project made by the GGFLDC’s legal counsel, or accountant, or by the GGFLDC itself. All these fees should be considered in planning the financing. These costs may be reimbursed to the applicant through loan proceeds, and should be estimated and included in the applicant’s loan proposal.
You can download an Application here. Return the completed form to the Office of Economic Development at City Hall.
 |
GGFLDC Application Information |
|
GGFLDC Application |
Documents for the monthly meetings can be downloaded here:
Additional IDA documents can be downloaded here:
City of Glens Falls
Office of Economic Development
42 Ridge Street
Glens Falls, NY 12801
Phone: (518) 761-3833
Fax: (518) 798-5029
Ed Bartholomew
Economic Development Director
gfeb@nycap.rr.com
