CNY Enterprise Development Fund

What is it?
The Central New York Enterprise Development Fund is a regional business loan program established in 1988. The program is administered by the Central New York Enterprise Development Corporation in affiliation with the Central New York Regional Planning and Development Board (CNY RPDB) and operates in Cayuga, Oswego, Madison, Cortland and Onondaga Counties.

Eligible Projects
The goal of the Central New York Enterprise Development Fund is to support the growth of small manufacturing companies and service related businesses that will provide employment opportunities for local residents and bring new wealth and capital into the region.

Ineligible Projects
Debt refinancing, newspapers, medical facilities, professional offices, retail businesses, and real estate development.

Eligible Businesses
Sole proprietorships, partnerships, and corporations with fewer than 100 full-time employees.

Direct Loans
Working capital and fixed asset loans are available up to $100,000 or 50 percent of the project cost, whichever is less. A 10 percent equity investment is required.

Term
The term will vary with the purpose of the loan; typically ranging between 3 and 7 years.

Interest Rate
The rate varies with market conditions and is fixed for the term of the loan.

Collateral
Business assets and personal guarantees required.

Fees

$250 application fee plus actual closing costs.

Application Process

  1. Business contacts GSBDC or CNY RPDB to outline project and determine eligibility.
  2. Business files an application with the CNY RPDB. An application fee of $250 is required.
  3. Applications are submitted by the CNY RPDB to the CNY Enterprise Development Fund Loan Advisory Committee for review and recommendation.
  4. Final approval of all loan applications is made by Central New York Enterprise Development Corporation.
  5. Following approval, a commitment letter is issued and a closing scheduled.
  6. Loan applications are processed on a monthly basis. Processing time is 30-60 days.