800 STARBUCK AVENUE, SUITE 801 • WATERTOWN, NEW YORK 13601
TELEPHONE (315)786-3494 • FAX (315)786-3495

• Jefferson County Industrial Development Agency

• Low Cost Financing

PROGRAM OVERVIEW

The primary purpose of the Watertown Local Development Corporation is to stimulate growth of private sector employment in the Watertown area by participating with banks and other government agencies in assisting in the financing need of:

• Companies already in the area that wish to expand or build new facilities

• Companies not presently in the area but seeking locations in the Watertown area.

The Watertown Local Development Corporation will consider loan requests for eligible businesses situated in or having an economic impact on the City of Watertown. The Local Development Corporation will also consider quaranties of working capital lines of credit to the Borrower's private banking institution.

Types of Loans

• Real Estate

• Machinery and Equipment

Maximum Loan Amounts

Maximum loan amounts are limited to 40% of project costs or 10% of total Local Development Corporation assets, whichever is lower.

Interest Rates and Repayment Terms

• Interest rates will be determined by the Board of Directors. The Interest rates will normally be on a fixed rate basis.

• Repayment terms on real estate range from 10 to 20 years

• Repayment terms on machinery and equipment purchases range for 7 to 10 years

ELIGIBILITY & APPLICATION PROCESS

• The business must be a for-profit, private firm

• There must be a demonstrated need for financing from the Local Development Corporation

• There must be a net economic benefit to the City of Watertown

• The project must create or retain employment

In addition to the above, a limited amount of funds has been set aside to fund non-private sector businesses.

Preliminary questions with respect to qualifying projects and application procedures may be directed to Donald Rutherford, Director of Economic Development, Watertown Local Development Corporation (315)786-3494.