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Binghamton Local Development Corporation - BLDC
Investing in YOU
Our Mission
To further sustainable economic development in the City of Binghamton by attracting new business, retaining and growing established business, building industrial and commercial capacity, and promoting employment.
About Us
The Binghamton Local Development Corporation develops loan programs, initiatives and outreach efforts to support the City's economic development strategy, in conjunction with the Binghamton Economic Development Office
BLDC members provide input and expertise from a variety of community sectors including finance, business, and organizations that represent low to moderate income populations. The membership elects a Board of Directors to govern the activities of the corporation.
BINGHAMTON LOCAL DEVELOPMENT CORPORATION LOAN PROGRAMS
Funding for BLDC loan programs comes from federal sources, primarily Department of Housing Urban Development Community Development Block Grants. They provide low cost alternatives to filling the gap in financing packages with below market rate loans for acquisition, expansion, fixed assets, rehabilitation and facade renovation. Loans may be subject to job development guidelines. All loans require application fee and owner equity.
Loan Guidelines:
- Up to 40% of the total project cost, to a maximum of $250,000, whichever is less
- Low interest rate, 75% of the prime interest rate published in the Wall Street Journal, not to go below 3%
- Terms to match the security or collateral, up to 20 years in some cases.
Eligibility
- Borrower: Proprietorship, Partnership, Corporation or LLC
- Property: Properly Zoned for commercial use within the City limits of Binghamton
- Verification from the City that project meets zoning & building requirements
Uses:
Acquisition of land, building, machinery, equipment, furniture/fixtures; development, rehabilitation, renovation, improvement of land, building and facilities. Pollution control and related improvements.
Other project activities deemed by the BLDC Board of Directors to be within the general interest and purpose of it's mission and consistent with federal guidelines and current HUD requirements.
Application fee: $150.00
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Loan Guidelines:
- Business of five or fewer employees, one must be owner
- Up to $20, 000, up to 5-year term
- Low interest rates, 75% of prime interest rate published in the Wall Street Journal, not to go below 3%
Uses:
- Purchase of fixed assets
- Working capital or inventory
Application Fee: $100.00
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To improve the overall "curb appeal" of the City's commercial districts, the COMMERCIAL FACADE IMPROVEMENT PROGRAM can provide financial assistance to local businesses to upgrade the exterior buildings and historical restoration.
Loan Guidelines:
Eligibility:
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Borrower: Proprietorship, Partnership, Corporation or LLC
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Property: properly Zoned for commercial use within the City limits of Binghamton
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Verification from the City that project meets zoning and building requirements
Uses:
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Historical restoration on the exterior of the building
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Roof, door and window replacement
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Exterior refinishing - masonry, paint
Application fee: $150.00
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The following do not qualify for BLDC Loan Program funds:
- Refinancing
- Payment for purchases made prior to project approval
- Speculative buildings or projects
- Projects where appropriate financing from other sources is available
- Not-for-Profit entities
- Residential development
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APPLICATION PROCESS
Click here for Application Process
Contact the BLDC office by e-mail, phone, or in person to review your project plans, receive an application package and to discuss the process. The BLDC expects many of the same documents and assurances as any private lender.
Once the BLDC has accepted a complete application and fee, the review and decision process by the BLDC Board takes approximately 4 – 8 weeks under normal circumstances. Loans that require approval from City Council typically take an additional 3 to 4 weeks.
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Here's another way we can help!
The Binghamton Development Office
In addition to alternative financing programs, the Economic Development Office can assist with other general business information. Staff can provide information and referrals for details that commercial and industrial firms require. Site selection, relocation, assessment and tax information, access to State and Federal programs, as well as local and regional issues, are available through the Economic Development Office.
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