Revolving Loan Funds:
Local and regional revolving loan funds exist to encourage expansion and
development. Interest rates fluctuate at about prime rate and generally fill
gaps in conventional bank financing packages.
Allegany County MicroEnterprise Revolving Loan
Fund is available with
negotiable rate focused on startups or expansions of businesses meeting HUD
State, Regional and Local Loan
All have a job retention and/or creation requirement as well as a
minimum 10 percent equity position by the borrower.
Loans and Loan Guarantees for:
Building construction, expansion, rehabilitation or acquisition
Machinery and equipment
Product development and working capital
Employee and local buyout
Pollution, sewage treatment and waste disposal problems
Energy savings projects
Loan and Grant Combinations:
Identifiable business development projects
Infrastructure development, i.e. site preparation, utility services,
Productivity assessment ·
Employee skill training ·
Employee upgrade training ·
Entrepreneurial Growth and
Investment in technology-based startups or young companies with strong
growth potential. Public and private venture capital firms are available for
projects meeting their specific criteria.
Industrial Revenue Bonds (IRB):
Help finance projects involving real estate and equipment at interest
rates ranging approximate 75 percent of prime to prime. Property sales and
mortgage recording taxes are exempt through the IRB process.
Economic Development Incentive Energy Rates: Offered to qualifying businesses by the four energy suppliers to Allegany
County. Lower rates apply to projects that are expanding facilities and
increasing energy usage.
Allegany County = Low
Overhead and Capital Costs
Business development in Allegany County enjoys low
overhead and capital costs.
NEW CONSTRUCTION- warehouse, office, commercial,
manufacturing; available for $16-$35/sq.ft. (Excluding land).
Land rates average $250 - $2,000/acre.
AVAILABLE BUILDINGS- buildings available from 2,000 sq.ft.
to 30,000 sq.ft. for lease or purchase;
Labor Pool/Development Packaging
A unique/private sector partnership exists in Allegany County amongst
agencies and organizations which serve the business community. The Allegany
County Employment and Training Center is the focal point for packaging
training projects. Networking, leveraging and collaboration have resulted in
successful project expansions and development in Allegany County. "One-Stop
Shopping" for training exists for employers, entrepreneurs and business
decision-makers. Professional guidance, analysis and confidentiality for
project planning and packaging are bywords of the Center.
Organizations working together include:
County Office of Employment and Training
Department of Social Services
Employment Unit NYS Department of Labor
Allegany-Cattaraugus Board of Cooperative Educational services
Department of Development Employment and training services include
intake and assessment,
employee upgrade training,
basic skills training,
summer work experience for youth,
On-site training funds
provide up to 50 percent of starting wages for up to six months Specially
designed training programs developed by employer and staff.
Employee-specific upgrading training programs developed on site.
Low Cost Housing:
Housing in Allegany
County is considered to be extremely reasonable in cost. Your workers can
afford to live here. Nice houses are available for $50,000 and less.
Stylish, well maintained homes are available between $60,000 and $90,000.
Executive houses are available for $90,000 to $15,000. Mansions from the oil
boom era are presently selling for $200,000 - $250,000. Apartment rentals
are generally between $300 to $600/month.
LOCATE IN THE FRIENDSHIP/CUBA EDZ
OF ALLEGANY COUNTY
Wage Tax Credit: A 50 percent refundable wage tax credit for up to
five consecutive years for hiring full-time employees in newly created jobs.
For employees in special targeted groups, this credit equals $1,500 a year,
with a credit of $750 a year for all other new hires.
Investment Tax Credit:
A refundable investment tax credit of 8
percent to 10 percent is available to certain businesses based on
investments made in an EDZ. This credit is available under the corporate
franchise tax and personal income tax. A second credit, the
Incentive Credit, equaling 30 percent of the investment tax credit is
available for each of the next three consecutive years following the year in
which the investment tax credit is taken against the corporate franchise
tax. To be eligible for this added credit, the taxpayer must employ at least
101 percent of the average number of people employed in the year before the
investment tax credit was claimed.
Sales Tax Refund:
Purchases of building materials to be used in
connection with commercial or industrial real property located in an EDZ are
exempted from State sales tax through a refund process. A similar refund of
local sales tax may be available at local option.
Zone Capital Credit: A 25 percent tax credit against personal or
corporate income taxes is available for the contribution or purchase of
shares in a zone capital corporation; or for a direct equity investment in a
certified zone business; or for contributions to approved community
development projects within an EDZ.
Utility Rate Reductions:
Special reduced electric and gas rates
are available through investor-owned utilities in the State to businesses
that locate or expand operations in an EDZ.
Special Low-Interest Loans and Priority Attention:
that have a role in economic development have developed special programs and
services targeted to Economic Development zones and will expedite
applications received from zone businesses. In addition, a variety of local
programs may also exist which provide additional opportunities for financial
and technical assistance to new and existing businesses.
For any questions related to Development in Allegany
County you can contact
The Development Office at 800-893-9484 or 585-268-7472