Aside from financial incentives, there are many other ways that Jefferson County assists businesses, including incubators and both technical and international assistance.
As part of the commitment to helping businesses succeed, the County’s economic development professionals provide assistance in getting new ventures up and running by:
- Accessing other sources of financial assistance
- Accessing low-cost power
- Coordinating meetings with regulatory agencies
- Identifying suitable sites and buildings
- Contacting government officials
Jefferson County’s proximity to the Canadian border allows international business to occur between Canadian and Jefferson County businesses, and the JCIDA assists both parties:
- Through the Jefferson County Foreign Trade Zone, which offers duty deferral or elimination, reduced duties and paper work and other benefits to increase global competitiveness
- Assisting both Canadian and Jefferson County businesses in cross-border trading due to the favorable proximity to the Thousand Islands International Bridge
There are a number of financial assistance programs at the county, regional and state level that are put in place to help businesses launch, relocate or improve what’s already existing.
- The Jefferson County Industrial Development Agency’s Microenterprise Revolving Loan Fund provides below market rate financing for all capital needs of small businesses (5 or fewer employees). The maximum loan amount is $40,000 or 50% of total project costs, whichever is less.
- Revolving Loan Funds for manufacturing businesses in the amount of $25,000 - $200,000 or 50% of total project costs, whichever is less.
- Industrial Revenue Bonds promote economic growth through issuing tax exempt or taxable industrial revenue bonds for businesses that wish to locate or expand their operations to Jefferson County. This financing offers competitive interest rates, potential for 100% financing and financing for projects $1,000,000 and larger.
- The North Country Alliance provides loans for fixed assets and working capital to businesses (with less than 100 employees) from $25,000. Loans are limited to a maximum of 40% of total project costs.
- The Watertown Local Development Corp provides fixed asset financing and will also consider working capital letter of credit guarantees.