The North Country Economic Development Fund (NCEDF) was created in 2014 by the New York Power Authority (NYPA) and is administered by the Development Authority of the North Country. The NCEDF provides financing to eligible projects located in Jefferson, Lewis, St. Lawrence, Clinton, Essex, Franklin, Hamilton and Herkimer Counties, and the portion of the Akwesasne Mohawk Reservation located within New York State. The loan fund targets projects that positively affect the region or enhance particular business sectors.
Eligible projects: Manufacturing, agri-business, clean/green bio-tech businesses, assemblers, wholesale distributers and warehouses. Retail/market driven projects will be considered with the following requirements: 1) tourism-related projects that will attract signficant visitors; 2) projects that without the help of the NCEDF would locate jobs outside of the state; and/or 3) projects that make available goods and services to the community that, not for the loan, would not be reasonalby accessible to the residents of the community where the project would be located.
Eligible applicants: For-profit business; not-for-profit corporations and business improvement districts may be eligible for community revitalization projects.
Eligible use of funds: Real estate, improvements, machinery and equipment, furniture and fixtures, inventory and working capital.
Funding is targeted at the lesser of $300,000, or 30% of the total project cost; however requests up to $500,000 may be considered by the NCEDF Board on a case-by-case basis.