January 30, 2015
BINGHAMTON, NY – The Broome County Industrial Development Agency (IDA) has announced a partnership with the National Development Council, Grow America Fund (NDC GAF) on a new lending program for eligible small businesses in Broome County.
“The unique financing tools provided through our partnership with Broome County IDA will allow NDC GAF a direct hand in assisting small businesses in Binghamton” said John Palyo, President of NDC GAF “NDC GAF believes that programs like this are key to a healthy economy, by creating jobs and supporting expanding small businesses”
In December 2014, the IDA Board of Directors approved a resolution to enter into a contract with the NDC GAF to begin funding the Fund. The benefits of the program for qualified borrowers are longer loan terms, larger loans, lower down payments and interest rates and a better structure to match the term of the loan to the life of the assets being financed. Through this partnership, NDC GAF will leverage a $250,000 commitment from the IDA to make available up to $2 million for lending.
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About Broome County IDA
The mission of the Broome County IDA is to serve as a catalyst, partner and investor that delivers clear benefits including job opportunities, development sites, and enhanced quality of life. The IDA promotes and leverages all available resources and Broome County’s strength’s to foster economic growth and create prosperity in an ethical and transparent manner.
Businesses looking for more information on the Grow America Fund should contact Tom Gray, Deputy Director at the IDA at (607) 584-9000.