The Tioga County Industrial Development Agency (TCIDA) loan programs are revolving loan funds, which were created to provide low interest loans to start-up and expanding businesses located in Tioga County.  The loans must involve direct job retention/creation, which will strengthen the economic base of Tioga County.

As the borrowers repay the loans, the money is returned to the Revolving Loan Fund (RLF) to make other loans.  Hence, TCIDA's loan programs become truly revolving loan funds.

TCIDA's loan programs are not meant to be used as a substitute for conventional lending sources.  Rather, they are designed to fill possible financing gaps that may exist and to provide or attract financing which would not otherwise be available for economic development projects.

TCIDA's loan programs are administered by LeeAnn Tinney, Business Administrator - 607-687-8259.

Goals and Objectives:

TCIDA has recognized that one of the major obstacles of business development in the Tioga County Region is affordable financing.  The primary objective of the TCIDA loan program is to provide financing to business development projects which directly impact employment and strengthen the economic base.  TCIDA seeks to compliment the private sector financing options in Tioga County.

How do I use this program?

TCIDA supplies the prospective applicant with: a Pre-Application, Loan Policies & Criteria and Sample Business Plan.  TCIDA typically recommends that the client contact the Small Business Development Center (607-777-4024) to put a business plan in place.  After receipt and approval of the completed Pre-Application by the TCIDA, a Full-Application and $150.00 non-refundable application is collected.  The TCIDA Loan Review Committee reviews the Full-Application and supporting documentation and makes a recommendation to the TCIDA Board of Directors.

What information will I need to provide?

• Three (3) years past financial statements (existing businesses)
• Projected financial statements (one (1) year for existing businesses; three (3) years for a new business)
• Current personal financial statement(s) of any principal with 20% or more ownership.
• Documented need for the TCIDA financing.
• Personal History Statement
• Financial Statement should include (a) Balance Sheet, Profit and Loss Statement, Reconciliation of New Worth for the past three years. If most recent statement is more than six months old, provide an interim statement (c) Projected Cash Flow Statement for the first year (include the assumptions the projections are based on) (d) If new business, provide projected balance sheet, profit and loss statement, and cash flow for three years.
• A brief history of the company and a paragraph describing the expected benefits of the project.
• Provide a brief description of the educational, technical and business background for all people listed under management.
• Additional information as needed.

Tioga County NY, U.S. HUD CDBG Revolving Loan Fund

• Loan Policies and Eligibility Criteria

Small Business Revolving Loan Fund

• Loan Policies and Eligibility Criteria

Intermediary Relending Program Fund

• Loan Policies and Eligibility Criteria

Loan Application generic for all of the programs listed above