Business Support Programs
The Greene County Economic Development Corporation has the expertise to help your business with funding and site solutions, as well as connecting you to experts in multiple aspects of business development. We treat every business personally, every step of the way. Whether you’re a startup in a retail space on Main Street, a larger company with many employees, or a lifestyle business you are running from your home, our team can provide the tools and guidance you need to succeed. We are open for business!
Permits & Approval Processes
Find contact information for building, planning, zoning, and code-enforcement boards & committees for all Greene County Municipalities.
Quantum Fund Financing
Projects that are generating new investment and creating new permanent employment in the County can be eligible for low-interest financing through the Greene County Quantum Fund Financing Program.
Quantum Fund loans can provide a maximum of 50% of the project financing. The remaining financing may be bank financing, other private financing and owner’s equity. There must be sufficient collateral to secure all financing, so an owner’s equity contribution is strongly encouraged.
Interest and Terms:
The interest rate for Greene County loans is: 1⁄2 prime rate + 1%. The current rate is: 2.625%.
$20,000-$50,000 – re-payment in up to 7 years.
$50,000-$100,000 – re-payment in up to 10 years.
Over $100,000 – re-payment in up to 15 years.
Typical projects create a minimum of one full-time equivalent job for each $20,000 of Quantum Fund financing provided. Jobs created must be taken by or made available to low and moderate income persons.
All projects must demonstrate a need for below-market financing. The loans are not intended to replace available bank financing but instead serve as “gap” or “subsidy” financing. “Gap” loans are defined as those that provide funds needed to complete a total project that would otherwise not be available from other sources. “Subsidy” financing comes into play when sufficient funds are available from other sources, but the cost of these funds are at a level as to render the total project financially unfeasible. The economic development loan is therefore required for a lower total project funding rate.
Microenterprise Assistance Program (MAP) Funding
New business start-ups or businesses with five or fewer employees may be eligible for low-interest financing, and State grant/loan funding.
The Greene County MAP, administered by the Greene County Department of Economic Development, Tourism and Planning, assists in the establishment and expansion of small businesses that are start-ups or are in business and have five or fewer employees, one of which is the owner, and the creation of new jobs through business training, funding and technical assistance.
All business sectors – including manufacturing, retail, services, agriculture and tourism – are eligible for the program, which is open to:
These businesses must be owned by low and moderate income persons directly, and/or be businesses that will create additional jobs, the majority of which must be taken by or made available to low and moderate income persons.
Eligible businesses must have five or fewer employees, one of whom is the owner of the business. The business must either be owned by low and moderate income persons and/or create one or more new jobs, the majority of which must be taken by or made available to low and moderate income persons.
Up to $30,000.
Minimum Equity Infusion:
10%. MAP funds may be used to fund up to 90% of the total project cost.
Interest and Terms
The interest rate for Greene County loans is 1⁄2 prime rate + 1%. The current rate is 2.625%. Loan terms may extend for up to five years.
Funding is continuously available through the County’s Revolving Loan Fund as long as there is money available. Completion of a satisfactory County Master Loan Application is required, along with County approval. Completion of a business training class is strongly encouraged, particularly for business start-ups and businesses with limited experience.
Real Property Tax 485(b) Exemption
Every municipality in Greene County offers 485(b) tax exemptions for improved property, which ramps-up the increased valuation for improvements over a ten-year schedule.
The NYS 485(b) Property Tax Exemption aims to relieve the burden of project completion through tax exemption.
To apply for this exemption, eligible entities must complete Form RP-485-b and contact the New York State Office of Real Property Tax Services.
- The facility must be privately owned and operated.
- The property must be located outside New York City.
- The property must be used primarily for buying, selling, storing or developing goods or services for the manufacture and assembly of goods, processing raw materials or for hotel or motel purposes.
- Cost of the construction or improvement project must be betweem $10,000 and $50,000, except for Accelerated Strategic Exemption; which allows projects exceeding $50,000.
Greene County businesses are eligible for SBA MicroLoan funding, which can be utilized as an avenue to expand your business.
The MicroLoan Program
The program provides loans up to $50,000 to help small businesses and certain not-for-profit childcare centers start up and expand.
The U.S. Small Business Administration provides funds to specially designated intermediary lenders, which are nonprofit community-based organizations with experience in lending as well as management and technical assistance. These intermediaries administer the MicroLoan program for eligible borrowers.
Each intermediary lender has its own lending and credit requirements. Generally, intermediaries require some type of collateral as well as the personal guarantee of the business owner.
Use of MicroLoan Proceeds
MicroLoans can be used for:
- Working capital
- Inventory or supplies
- Furniture or fixtures
- Machinery or equipment
Proceeds from an SBA MicroLoan cannot be used to pay existing debts or to purchase real estate.
Repayment Terms, Interest Rates, and Fees
Loan repayment terms vary according to several factors:
- Loan amount
- Planned use of funds
- Requirements determined by the intermediary lender
- Needs of the small business borrower
The maximum repayment term allowed for an SBA MicroLoan is six years.
Interest rates vary, depending on the intermediary lender and costs to the intermediary from the U.S. Treasury. Generally, these rates will be between 8 and 13 percent.
MicroLoans are available through certain nonprofit, community-based organizations that are experienced in lending and business management assistance.
If you apply for SBA MicroLoan financing, you may be required to fulfill training or planning requirements before your loan application is considered. This business training is designed to help you launch or expand your business.