PURPOSE
To facilitate the expansion and retention of businesses within the Town of Cheektowaga and create employment opportunities.
HOW IT WORKS
The CEDC provides assistance in the form of secured loans. This assistance must directly result in the creation of job opportunities, at least 51% of which, on a full-time equivalent basis, are to be made available to low/moderate income persons.
LOANS PROVIDED FOR
- Acquisition of fixed assets such as equipment, machinery, real estate and other fixed assets
- Current Assets including inventory, receivables, & working capital
ABOUT US
The CEDC is a quasi-public local development corporation and 501 (c) 3 not-for profit agency. It is comprised of area business & community leaders and carries out economic development with funding from the federal Community Development Block Grant Program.
ELIGIBILITY REQUIREMENTS
- The principal business activity to be impacted must be located within the Town of Cheektowaga
- The business must involve one of the following types of activity:
– Manufacturing
– Warehousing
– Wholesale Distribution
– Certain Retail or Service Trades
* Funding may also be considered for Microenterprise - The assisted business must take and document actions to ensure that first considerations for created jobs is given to low/moderate persons
PROGRAM STANDARDS
- Employment Cost Ratio:
Program financing may NOT exceed $35,000 for each new job created - Financing amount must be sufficient to make a project feasible
- MINIMUM AMOUNT: $10,000
- MAXIMUM AMOUNT: None;
Based on availability of funds