There are multiple incentive programs to assist local businesses with the purchase of equipment:
EQUIP Monroe
The EQUIP Monroe program provides a one-time rebare of up to $5,000 on equipment purchases of at least $25,000. Payments are made one year after approval with proof of job retention. An additional bonus is available if a least one full-time equivalent job is created within 12 months.
SBA 504 Loan Program
The SBA 504 Loan Program provides long-term financing for the purchase of land, buildings and equipment at a fixed-rate of interest.
Funding for SBA 504 loans is provided through a partnership between the SBA and a private sector lender such as a bank.
Under a typical SBA 504 scenario:
- 50% of the financing for the project is provided by a bank at rate determined by the bank
- 40% is provided by the SBA through the Monroe County Industrial Development Corporation (MCIDC) in the form of a fixed-rate SBA guaranteed debenture
- 10% in equity is provided by the business.
The SBA can guarantee payment of debentures for as little as $50,000 and up to $5,500,000 (for qualified manufacturing projects.)
Documents Required to Apply:
- Description of project to be financed
- Last three years financial statements, including corporate federal tax returns
- Interim financial statement within 60 days of application
- Accounts receivable and accounts payable aging within 60 days of application
- Two years of projected balance sheet and income statement with assumptions
- Personal financial statement and federal tax returns for the last year of any shareholder with 20% or more ownership
Call 585-753-2000 to learn more about the SBA 504 Program
For more information: 585-753-2000 or email [email protected]
