NEW COUNTYWIDE BUSINESS ASSISTANCE PROGRAM AVAILABLE!
December 11th, 2013NEW COUNTYWIDE BUSINESS ASSISTANCE PROGRAM AVAILABLE!
Tioga County Commercial 0% Façade Improvement Loan Program
90% of Total Project Cost
Program Description: Provides financial assistance to assist in the prevention and elimination of slums and blight and encourages the revitalization of commercial buildings in Tioga County’s commercial “Main Street” center.
Eligible Areas: Limited to Central Business District (CBD) areas in Tioga County including the villages of Candor, Newark Valley, Nichols, Spencer and Waverly and the hamlets of Apalachin, Berkshire, Richford and Tioga Center.
Application Fee: $100.00 (non-refundable)
Commitment Fee: 1% of the approved loan amount
Available Financing: $2,500.00 – $10,000.00
Interest Rate: 0% Fixed
Term of Loan: Up to 5 years as follows:
$2,500 – $5,000 2 years
$5,000 – $7,000 3 years
$7,000 – $10,000 5 years
Job Creation Requirement:None
Eligible Use of Proceeds: Exterior façade renovations on design elements that are a structural part of eligible commercial building as indicated in application packet. Renovations will not be subject to Federal Labor Provisions/Davis-Bacon Prevailing Wage Requirements.
Collateral: First or subordinate mortgage or bank
Loan Structure: Tioga County Industrial Development Agency (TCIDA) funding cannot exceed 90% of eligible project costs
Owner’s Equity: Minimum of 10% cash equity
Contact for more information/application: Teresa Saraceno, Tioga County Economic Development & Planning at 607-687-8260