Business

Financial Assistance

There are numerous county, state, federal, and privately funded sources for targeted financing available to new or expanding businesses in Suffolk County. A financing specialist at the Department of Economic Development is available to consult with business owners about the programs that best meet their needs.

  One notable locally based program:

  • Suffolk County Industrial Development Agency (IDA) -- Provides financial assistance and incentives by issuing tax exempt or taxable bonds, or providing a straight lease transaction. Revenue bonds are available for relocating or expanding businesses and can be used to finance the purchase and rehabilitation or existing facilities and purchase of machinery and equipment. The IDA may also provide sales tax abatement, real property tax abatements and exemption from mortgage tax. For more information, email us at info@suffolkida.org or contact Tony Catapano, the Executive Director at 631-853-4802.


Additional programs that can be accessed through the Department of Economic Development/Workforce Housing include:

LIDC Programs:

NYS Targeted Loan Fund for Long Island- loans up to $500,000; low, fixed rate, long term, no prepayment penalty loans for targeted industries (includes commercial fishermen, agriculture, manufacturers of any type, wholesalers who are minority or women or Ezcelsior certified by NYS, wholesalers located in old NYS Empire Zone, other wholesalers if in biomedical, pharmaceutical, high end electronics, transportation or environmental technology, computer software/hardware development, computer graphics, other targeted industries. Must be in business one year, located in Nassau or Suffolk Counties, less than 500 employees.

LISBAC – loans up to $25,000, low fixed rate, long term, no prepayment penalty; start up or existing in Nassau or Suffolk Counties; less than 100 employees; any type of industry; focus on businesses owned by women, minorities or located in low-moderate income area.

For more information, contact the Long Island Development Corporation at 516 433 5000 or email to biz-loans@lidc.org. See www.lidc.org.

ESD Programs:

 

NYS Job Development Authority- loans for capital projects (land, building, equipment) for acquisition and/or renovation; up to 40% of project cost, generally up to $2.5 million;low  fixed and floating rate, long term; for manufacturers and some wholesalers; less than 500 employees. Contact  Empire State Development at 631 435 0717; see www.esd.ny.gov.

LIREDC- grants for local projects such as economic transformation, craft beverage industry, employee training programs, job creation by manufacturers and other industries, municipal economic development projects on behalf of businesses. Consolidated funding applications generally due by end July each year. Once submitted reviewed by LI Regional Economic Development Council. Fundings announced end of year. See www.regionalcouncils.ny.gov- go to Long Island. Call 631 435 0717 for more information.

NYSTAR-NYS Center for Science, Technology & Innovation; debt and equity capital, technical assistance for new and growing high-technology companies. Focus on technological innovation and commercialization. Contact nystarsupport@esd.ny.gov; 516 2925700.

Federal Programs:

US Small Business Administration:

SBA 504 Loan Program- fixed rate, long term loans for capital projects (acquisition and/or renovation of land, building, equipment); up to 40% of project cost, maximum $5.5 million. Contact Empire Certified Development Company 516 8452700, ramsterdam@nybdc.com.

SBA 7A Loan Program- floating rate, long term, up to $5 million for any business purpose.Available from banks, credit unions, nonbank lenders. Also contact Empire Certified Development Company 516 845 2700. Ramsterdam@nybdc.com.