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Cheektowaga
Economic Development Corporation
The
Purpose of the Cheektowaga Economic Development Corporation (CEDC)
- To
facilitate the expansion and retention of business in the Town
of Cheektowaga
- To
create employment opportunities
- To
expand the Town of Cheektowaga’s commercial tax base
- To
increase property and sales tax revenues for the town
How the
CEDC Operates
The
CEDC provides assistance in the form of secured loans.
The
CEDC meets regularly to review requests for assistance and review
the status of existing loans.
About
the CEDC
- The
CEDC was formed on June 10, 1983.
- The
CEDC is a quasi-public local development corporation.
- The
CEDC is a Not-For-Profit 501 (C) (3) Agency comprised of area
business and community leaders.
- The
CEDC carries out economic development with funding from the
federal Community Block Grant Program.
Use of
Funds
Loans
could be provided for:
- Acquisition
of fixed assets such as equipment, machinery, buildings and
other fixed assets
- Current
assets including inventory and receivables
- Permanent
working capital
- Refinancing
of existing debt resulting in the creation of new jobs
- Training
Eligibility
Requirements
-
Principal
business activity to be impacted must be located within the
Town of Cheektowaga
-
Business
activity must involve one of the following:
-
Manufacturing
-
Warehousing
-
Wholesale
Distribution
-
Certain
Retail or Service Trades
-
Assistance
must directly result in the creation of job opportunities
Program
Standards
- Employment
Cost Ratio
– The amount of the program financing may nor exceed $35,000
for each new job
- Program
Financing Amount
– Sufficient to make a project feasible
- Maximum
Amount –
No established amount; funding may be determined based on
availability of funds
- Minimum
Amount
- $10,000
Statements
and Required Reports - PDF format
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