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, e-mail: email@example.com or call 631- 853-4800.
Additional programs that can be accessed through the Department of Economic Development/Workforce Housing include:
FASTRAK -- Provides incentives to lenders to make a small business loan up to $100,000 with an SBA 7(a) guarantee of up to 50%.
L.I. Targeted Industries Revolving Loan Fund -- Low, fixed rates for targeted industries, including defense diversification, fisheries, biomedical, pharmaceutical, software development and high-end electronics.
Micro Loan revolving loans for women owned businesses -- Provides short-term loans ranging from $2,000 to $25,000 for working capital needs, purchase of equipment or inventory for start-up and expanding businesses.
SBA loans -- Available programs include SBA 504 subordinate loans of up to $1 million to assist small businesses to buy and renovate land, buildings and machinery; and low-documentation SBA 7(a) loans, with a simplified application process and faster turn-around.
Suffolk County Revolving Loan Fund
-- Loans up $150,000 in long term loans to small businesses in Suffolk. Funded by HUD (CDBG-108)
For more information, call the Long Island Development Corporation at 516-349-7800 or go to www.lidc.org .
Empire State Development (ESD) Programs:
Industrial Effectiveness Program (IEP) -- Helps to restore the competitiveness of small and medium-sized manufacturing companies. IEP shares the cost of technical and educational assistance with qualified manufacturing firms and industry groups. For more information, call (516) 349-1266 or go to www.state.ny.us
For information on other New York state tax credits, deductions and exemptions
For more information on Federal Small Business Administration programs, call 1-800-UASK-SBA;
SUNY at Stony Brook Programs:
Small Business Innovation Research Program (SBIR) -- Offers an engineering resource to businesses, while increasing R&D funding opportunities for small businesses. Helps meet the R&D needs of a variety of federal agencies. For more information, call the College of Engineering & Applied Sciences at 631-632-8380; fax 631-632-8205.
Community Development Corporation (CDC) lending programs:
Micro Loan Program -- Provides loans up to $35,000 to small businesses to meet working capital needs, purchase equipment or almost any legitimate business purpose.
Micro Enterprise Conditional Grant Program -- Working with the Trickle Up program, this program offers basic business training materials, individual technical assistance, and a $700 grant for motivated, lower income individuals to create and / or expand a small business.
Childcare Loan Program -- Seeks to expand the availability of quality child care to serve the children of low-income people and other public assistance recipients who are entering the workforce.
Nassau-Suffolk Business Development Fund, LLC -- Lends to growing small businesses that lack the capital, collateral or cash flow required for traditional bank financing.
For information on CDC programs, call (631) 471-1215 or go to Community Development Corporation