TCAD provides a variety of services to meet the needs of local businesses and entrepreneurs. We focus our business retention efforts on the manufacturing sector to ensure that the jobs we help create offer higher wages, better benefits and more opportunity for advancement. In keeping with the local economy's unique and dynamic nature, our definition of manufacturing is broad and includes software, high technology, cottage industry, agri-business and other ventures.

Whether you're looking to relocate to the area, expand current operations, or need to re-tool to remain competitive, we can help you access the funding opportunities and incentives that are right for you. In addition, we provide site selection assistance and the technical resources to help you make decisions that are right for you and your business.

If your project is one that requires services we do not provide directly, don't worry. We've got the inside track on who to talk with and we'll be happy to offer those referrals, too.

PLEASE CONTACT TCAD@LIGHTLINK.COM FOR SITE SELECTION
AND OTHER TECHNICAl RESOURCES

Minority/Women Revolving Loan Fund:

Purpose
The fund is capitalized by a grant from the Empire state Development Corporations for the purpose of assisting minority and women-owned businesses lacking access to adequate capital from conventional sources.

Applicants
Eligible applicants are for-profit Minority or Woman-owned business located in Tompkins County that are independently owned and operated.

Businesses
Eligible businesses are those who sell their products to customers outside of Tompkins County.

Projects
Funds can be used for working capital, acquiring or improving real property or acquiring machinery and equipment. They cannot be used to refinance existing debt or to relocate a business from one municipality to another.

Amounts
TCAD is soliciting applications requesting between $20,000 and $25,000 of financial assistance. This range is based on the existence of other programs capable of making both smaller and larger loans. It is also based on the desire to assist as many businesses as possible.

Equity Requirements
The applicant will be required to contribute 10% of total project cost to the project.

Job Creation Requirements
Projects with the most significant impact on the local economy will be most competitive.

Terms & Conditions
While the term of the loans are generally tied to the useful life of the asset financed, it is the long-term goal of the fund to recycle loan payments to new projects as quickly as possible. Interest rates will be fixed at 75% of the prime rate at the time of closing.

Fees
A $100 application fee is required when the application is submitted. The applicant is also responsible for paying all closing costs including TCAD legal fees.

Procedure
Businesses interested in applying for assistance should first contact TCAD to discuss their proposed project. If the project meets the threshold criteria and if funds are available, the business will be invited to submit an application.

TCAD staff will review the application to ensure the project meets eligibility standards. Staff will also perform a traditional credit analysis. If appropriate, the application will be sent to the loan review committee, and the committee will meet to discuss the application. The applicant will be invited to attend the meeting.

Approved projects will move rapidly to loan closing. TCAD will work with those not approved to restructure the project or locate an alternative source of financing, if possible. Based on past experience of managing other loan funds, the time from the receipt of a complete application to receipt of funds is approximately 21 days.

Evaluation Criteria
Assuming the project meets the threshold eligibility criteria, TCAD and the loan review committee will perform a traditional credit analysis of the application. This will include a review of the company's long term viability as well as its ability to generate sufficient cash flow to meet new debt service.

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TCAD Revolving Loan Fund:

Purpose
The primary purpose of the Revolving Loan Fund (RLF) is to create private sector employment opportunities within Tompkins County by loaning money to businesses with job-creating projects. The RLF will facilitate investment decisions, making projects financially feasible and expediting the expansion of operations.

Applicants
The RLF is intended to assist companies that sell a product or service to customers outside of Tompkins County.

Eligible Uses
The funds can be used for acquisition of land, machinery and equipment, the acquisition, construction and renovation of buildings, and for working capital. The fund cannot be used to refinance existing debt.

Employment Considerations
The intent of the RLF is to create or retain jobs for the residents of Tompkins County. The applicant must demonstrate that one new job will be created/retained for $5,000-$10,000 of RLF participation.

Leveraging Requirement
The RLF is not intended to replace the primary lending institution nor act as a bank of last resort. The RLF will strictly be used as gap financing, taking secondary position to a bank or other source of financing when appropriate. The RLF will loan up to one third of the total eligible costs. The RLF can be used with other government sponsored programs as well as conventional programs.

Size of the Loan
The RLF usually participates at the $25,000 level.

Terms & Conditions
The interest rate is 75% of prime, fixed at the time of closing. The length of the loan depends on what the RLF is financing.

Fees
A $250 application fee is required upon closing. The applicant is also responsible for paying the attorney's closing costs.

Procedures
Businesses interested in applying for assistance should first contact TCAD to discuss their proposed project. If the project meets the threshold criteria and if funds are available, the business will be invited to submit an application.

TCAD staff will review the applications to ensure the project meets eligibility standards. Staff will also perform a traditional credit analysis. If appropriate, the application will be sent to the loan review committee, and the committee will meet to discuss the application. The applicant will be invited to attend the meeting.

Approved projects will move rapidly to loan closing. TCAD will work with those not approved to restructure the project or locate an alternative source of financing, if possible. Based on past experience, the time from the receipt of a complete applications to receipt of funds is approximately 45 days.

Evaluation Criteria
Assuming the project meets the threshold eligibility criteria, TCAD and the loan review committee will perform a traditional credit analysis of the application. This will include a review of the company's long term viability as well as its ability to generate sufficient cash flow to meet new debt service.

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