Business Resources & Loan Programs
SMALL BUSINESS RESOURCES
Mohawk Valley EDGE is proud to support locally-owned small businesses looking to grow or in need of economic expertise. Our staff has direct access to and in-depth understanding of incentives and loans, as well as contact with many community resources. EDGE builds and maintains relationships with community businesses from outreach to project implementation, connecting organizations with available loans, grants, and tax programs to address their needs.
Questions on what programs are available? Unsure of what opportunities may be appropriate for your business or project? Contact us. We may be able to assist you!
Contact: Tim Fitzgerald, Vice President Economic Development at tfitzgerald@mvedge.org.
BUSINESS LOANS
Mohawk Valley EDGE is responsible for overseeing and administering several revolving loan funds that are used for economic development. These funds are available to support business and community investment projects that will create jobs, support the retention of existing jobs, enhance the tax base of the area and provide added value to the region’s economy. Mohawk Valley EDGE does not discriminate on the basis of race, color, national origin, sex, age, or disability in its program or activities.
Oneida County Loan & Grant Programs
In partnership with Oneida County, EDGE is administering the NYS Office of Community Renewal’s Economic Development, Small Business Assistance, and Microenterprise grant programs. Through these programs, EDGE works with Oneida County to apply for grant assistance on behalf of the business seeking funding. Businesses may request funding for business investment projects that result in job creation.
In the most recent (2022-23) Oneida County Microenterprise Grant Program, $170,000 in funding was awarded to six of the County’s small businesses in need as they invested to grow their businesses. This partnership with Oneida County resulted in significant new investment in local farms and farm-related businesses.
EDGE staff also assist prospective applicants to complete business plans and provide necessary or required technical assistance.
USDA Rural Development Grant Program
Since 2017, EDGE has brought USDA funding to the Mohawk Valley through the Rural Business Development Grant program. This funding enables businesses to invest in machinery and equipment through a capital lease. As capital leases are paid down, these funds go into a revolving loan fund that can be deployed as new capital leases. This process helps businesses preserve the cash flow that would have otherwise paid for interest on an amortized loan.
Start Your Business
Have a business idea?
Thinking about starting a business, but do not know where to go first? We can help you get set up with the thINCubator, Commercialization Academy or the Griffiss Institute. All these programs have entrepreneurs-in-residence that provide mentoring/guidance as you develop your business idea. These resources also can assist entrepreneurs build networks with other entrepreneurs and professionals to help your business succeed. All are New York State Certified Business Incubators and can help you turn your idea into reality.
Writing a business plan?
We can put you in contact with the Small Business Development Center at MVCC to help put a pen to paper and begin to formalize your business plan. SBDC has a staff of trained professionals with business experience ready to assist, no matter where you are in your business plan process. Having a well-defined and written business plan is incredibly important when pursuing financial assistance.
Want to take your business to the next level?
Ready to set up a brick and mortar office, looking for commercial space or need help obtaining financing for your finalized business plan? Contact us and we can set up a meeting to discuss all your options.
Entreprenurial Ecosystem
Grow Your Business
The Mohawk Valley can offer a variety of incentives aimed at helping businesses; both international companies looking to move, as well as locally owned small businesses looking to grow. By making available loans, grants, and tax credits, the Mohawk Valley supports its businesses by addressing their needs and promoting their development.
Our staff has direct access and in-depth understanding of incentives and loans, and we work closely with the state of New York to package incentive proposals targeted to the needs of individual businesses.
Whether it is grants, loans, bonds or tax exempt financing contact us to learn more about incentive programs in the Mohawk Valley, and which programs may be available and appropriate for your business or project.
NYS Grant Funds
Capital grant funding is available from the Mohawk Valley Regional Economic Development Council and Empire State Development for capital-based economic development projects intended to promote jobs or increase business or economic activity.
New York State Homes and Community Renewal Grant
With our partners at Oneida County, EDGE is administering the Office of Community Renewal’s Economic Development, Small Business Assistance, and Microenterprise programs. New York State provides grants to communities that sponsor economic development activities, which create or retain jobs for low- and moderate-income persons. In these programs, Mohawk Valley EDGE works with Oneida County to apply for grant assistance on behalf of the business seeking funding, as awards are made to the applicant community and not directly to businesses. Businesses may seek funding for business investment projects that result in job creation and/or retention. Please contact EDGE for more information.
Excelsior Jobs Program
The Excelsior Jobs Program encourages businesses to expand in and relocate to New York by providing four types of fully refundable tax credits to eligible applicants. Businesses claim the credits over a benefit period of up to 10 years. To earn credits, firms must meet and maintain established job and investment thresholds. The Excelsior Jobs Tax Credit, which is frequently offered to business investment projects in the Mohawk Valley, provides a credit of 6.85% of wages per net new job.
Local Tax Abatement
Oneida County Industrial Development Agency provides major local incentives to new companies and expansion projects:
- Payment in Lieu of Taxes (PILOT) Programs offset local real estate taxes
- Relief from Sales Tax (8.75%) on building materials and supplies
- Exemption from Mortgage Recording Tax
Project Loans
Mohawk Valley EDGE is responsible for overseeing and administering several revolving loan funds that are used for economic development. These funds are available to support economic development projects that will create jobs, support the retention of existing jobs, enhance the tax base of the area and provide other benefits to the region’s economy.
Mohawk Valley EDGE does not discriminate on the basis of race, color, national origin, sex, age, or disability in its program or activities.
