The INVESTMENT ARM provides you direct and indirect financial incentives and programs along with a variety of technical and project assistance.

FINANCING & INCENTIVES

The Livingston County Development Group is your "one stop shop" for access to financial assistance programs. Unlike many communities, the Livingston County Industrial Development Agency, the Livingston County Development Corporation and the Livingston County Economic Development Office are jointly housed and staffed at the Livingston County Economic Development Group’s office facility in Geneseo. As a Group we provide companies access to dozens of financing programs to provide fast, efficient information and delivery of services, always in complete confidentiality.

Company Eligibility for Financing Programs
Although eligibility varies by program, programmatic assistance is available for these categories of businesses:

• Manufacturing
• Research and development
• Warehouse and Distribution
• Technology-based companies
• Non-retail services
• Agri-business
• Minority-owned business
• Female-owned businesses

Eligible Financial Assistance Uses:

• Acquisition of land, building, machinery and equipment
• Construction, improvement, expansion or rehabilitation of buildings
• Employee training
• Productivity enhancement
• Product development and limited instances for working capital
• Pollution, sewage treatment and waste disposal problems
• Energy reducing technical assistance design, building, equipment, machinery and systems
• Export opportunities

Forms of Financial Assistance

• Direct loans and/or grants for portions of the costs of an eligible project
• Interest rate subsidies grants
• Interest rate subsidies with lending institutions for project financing
• Grants and loans to municipal entities for road, rail or public utility infrastructure
• Industrial revenue bond mortgage and equipment financing

General Financial Assistance qualifiers

• Many programs have job creation requirements (notable exceptions Energy and Productivity programs)
• Job retention is a factor in meeting job requirements if there is a probability jobs will be eliminated but for the grant of financial assistance
• Costs incurred before an application for financial assistance is approved are ineligible
• Refinancing of existing debt and/or taxes due are not eligible
• Most public programs require company and/or financial institution financial commitment
• Most loan programs operate on a cash reimbursement basis
• Interim construction financing is ineligible
• Financial credit analysis feasibility determinations are required for financial approval

Financial Institutions in Livingston County

• Bank of Castile
• Community Bank
• Farm Credit/Springfield Bank
• HSBC Bank
• Key Bank
• M&T Bank
• Five Star Bank
• Steuben Trust

Broad Based Financing Programs

Four programs are most commonly used for a wide variety of companies:

• Low Equity/Second Mortgage programs - both New York State (Job Development Authority) and the US Small Business Administration (Section 504) offer direct loans at or below the Prime Interest rate. Under these programs, the Bank finances 50% of the project taking a senior lien on the entire project. The SBA/JDA provides a second mortgage for 40% of the financing need resulting in a low 10% equity requirement.
• Loan Guarantees – the US Small Business Administration and the US Rural Development Administration offer loan guarantee programs for small business and agri-business respectively. Under these programs, loans issued by financial institutions are 'guaranteed' by the Federal government for approximately 80% of the value of the loan.
• Linked Deposit Program – This is a simple and very popular program for manufacturers, agriculture, service businesses under 100 employees, exporters and Minority and Women-owned businesses. Under this program, eligible businesses apply to a financial institution for a loan and New York State reduces the borrower’s loan interest rate by 2% for the first two years of the loan.
• New York Energy $mart Loan Fund – Companies that undertake pre-qualified cost-effective investments that reduce energy use may qualify for a 4% reduction in a financial institution’s loan rate from New York State for the life of the loan.