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Business ResourcesAvailable Properties & Businesses
Ontario County Economic Development
Area Realtors
Griffith Realty Group
Kraft Real Estate
Nothnagle Realtors
McMillan Realty
Financing Sources
Your Local Bank
Shop banks for pricing-programs, loan opportunities and interest rates vary among local and regional banks.
Ontario County
Office of Economic Development / Industrial Development Agency
20 Ontario Street, Suite 106B
Canandaigua, New York 14424
(585) 396-4460
Mike Manikowski, Executive Director
Roberta Hutchinson, Deputy Director
www.ontariocountydev.org
| Small Business Administration Loans (SBA) |
Contact the SBA at:
409 Third Street, S.W.
Washington, D.C. 20416
1-800-8-ASK-SBA
www.sbaonline.sba.gov
The SBA has a variety of information, programs and resources available upon request.
SBA loans are administered through your local bank
"When a small business applies to a lending institution for a loan, the lender reviews the application and decides if it merits a loan on its own or if it requires additional support in the form of an SBA guaranty."
The SBA offers a variety of loans: the primary loan program is the 7(a) Loan Guaranty Program.
The SBA can guarantee as much as 80% of loans of up to $100,000 and 75% on loans of more than $100,000.
The business must be operated for profit, and small business size determination is made by number of employees and/or sales averaged over the previous three years.
A 7(a) loan can be used: to expand or renovate facilities; purchase machinery, equipment, fixtures and leasehold improvements; finance receivables and augment working capital; finance seasonal lines of credit; construct commercial buildings; and/or purchase land or buildings.
What the SBA looks for: good character; management expertise and commitment necessary for success; sufficient funds to operate the business on a sound financial basis (for new businesses, this includes the resources to withstand start-up expenses and the initial operating phase); feasible business plan; adequate equity or investment in the business; sufficient collateral; ability to repay the loan on time from the projected operating cash flow.
| Linked Deposit Program (LDP) |
"The Linked Deposit Program was created by the State of New York to encourage and assist eligible businesses within the state to make investments and undertake projects that will contribute to improving their performance and competitiveness."
Under LDP, eligible businesses can obtain loans from commercial banks, savings banks, savings and loan associations, and farm credit institutions at an interest rate that is two or three percentage points lower than the prevailing rate on such loans. Lenders are compensated by deposits of state funds at comparably reduced rates.
To be eligible for an LDP loan, the business must be in the manufacturing or service related industry, or must be located in economic development zones or highly distressed areas. Certified minority or women-owned businesses are eligible under this program.
Companies should apply to the lender of their choice. The lender will make the actual credit decision and, if the applicant and the project appear to be eligible, the lender will send the LDP application to Empire State Development for program eligibility approval.
For additional information on the Linked Deposit Program, contact one of the regional Empire State Development offices in:
Buffalo: (716) 856-8111
Rochester: (585) 325-1944
Syracuse: (315) 425-9110.
| Rural Opportunities Enterprise Center, Inc. |
Business Loan Fund
"Virtually all types of for-profit businesses are eligible for a loan from the Rural Opportunities Enterprise Center's Inc. (ROECI) Business Loan Fund..."
Funds can be used for:
- Machinery
- Working Capital
- Business Expansion
- Capital Improvements
- Start-Up
Credit and Collateral are important parts of any loan package.
The Rural Opportunities Enterprise Center works with loan applicants on all stages of the application process. All start-up businesses require a full business plan with their applications. (SEE WOLCDC BUSINESS PLAN WORKSHEET- download free!)
ROECI requires a $25 application fee to process each loan application.
To obtain a loan application, visit ROECI's web page, www.ruralinc.org
Or call the Rochester office at (585) 340-3385.
| United State Department of Agriculture (USDA) |
Local Office:
County Road 10
Canandaigua, New York 14424
(585) 394-0525
or Nationally, at www.fsa.usda.gov
Farm Service Agency Loans (FSA)
Each year Congress appropriates money for FSA farm loans as part of the USDA budget. The fiscal year for loan applications begins in October and runs until September 30 of the following year.
FSA loans fall under the following categories: Beginning Farmers and Ranchers, Emergency Loan Assistance (in counties declared as disaster areas by the President or designated by the Secretary of Agriculture), and Crop Commodity Loans.
The law requires FSA to reserve or target a portion of its direct and guaranteed operating and farm ownership loan funds for use exclusively by socially disadvantaged applicants, classified as women and minorities.
Beginning Farmer and Rancher loans are directed for an individual or entity who ahs not operated a farm or ranch for more than 10 years, meets the loan eligibility requirements of the program to which s/he is applying, substantially participates in the operations, and does not own a ram greater than 25 percent of the average size farm in the county.
There are two types of loans available:
- Farm ownership loan program (FO) which is designed to assist beginning farmers and ranchers to purchase a farm or ranch.
- Operating loan funds (OL) which are designed to assist beginning farmers and ranchers in the initial operating costs of the farm or ranch.
| SARE Grant |
The Northeast Regional Sustainable Agriculture Research and Education Program (SARE) is a USDA competitive grants program. SARE can be reached at :
10 Hills BuildingThe SARE Farmer Grant program awards farmer grants once a year, at the beginning of the year. Applications should be made in summer and by late fall.
University of Vermont
Burlington VT 05405-0082
(802) 656-0471
www.uvm.edu/~nesare/
To be eligible to apply, you must be a commercial farmer in the Northeast region (this includes NY State).
SARE grants range form $300 to $12,000, with the average grant award of $4,351.
The purpose of SARE is to advance and explore new aspects of sustainability. "The SARE grant program supports producers who want to try something new on their farms---a technique for adding value, a new crop, or method of direct sales." They discourage proposals that merely verify that an accepted practice works.
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