Local Development Corporation

Revolving Loan Funds
This institution is an equal opportunity provider.

The Tioga County Local Development Corporation (TCLDC) 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, TCLDC’s loan programs become truly revolving loan funds.

TCLDC’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.

TCLDC’s loan programs are administered by LeeAnn Tinney, Business Administrator TCLDC (607) 687-8259.

Goals and Objectives 
TCLDC has recognized that one of the major obstacles of business development in the Tioga County Region is affordable financing. The primary objective of TCLDC is to provide financing to business development projects which directly impact employment and strengthen the economic base. TCLDC seeks to compliment the private sector financing options in Tioga County.  The Tioga County Local Development Corporation is organized under New York State Not-For-Profit Corporation Law Chapter 35, Article 14, Section 1411 (PDF).

Who is the TCLDC? 
The Tioga County Legislature appoints a nine (9) person Board of Directors. The Board meets on the first Wednesday of every month.  Daily operations are managed by the Business Administrator, LeeAnn Tinney (607) 687-8259.

Seated: Kristin Barnhardt, Secretary; Eva Mae Musgrave, Vice President; LeeAnn Tinney, Business Administrator
Standing: William E. Caloroso; Joseph Meagher, Attorney; Ralph E. Kelsey, Treasurer; Douglas W. Barton, President; Peter L. Ward; William J. Woods, Jr.; Aaron Gowan; Samuel F. Thomas

LDC Approved Board Minutes 2007

LDC Approved Board Minutes 2008

LDC Financial Information

How do I use this program?

Recommended Procedure

TCLDC supplies the prospective applicant with: a Pre-Application, Loan Policies & Criteria and Sample Business Plan. TCLDC 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 TCLDC, a Full-Application and $150 non-refundable application fee is collected. The TCLDC Loan Review Committee reviews Full-Application and supporting documentation and makes a recommendation to the LDC Board of Directors.

Small Business Development Center
for help with your business plan

The Small Business Development Center (SBDC) will send a representative to the Tioga County Chamber of Commerce office to meet with potential clients. Sergius Spak will work with clients to assist in putting a business plan together. Serg is great at helping our clients think the project through and consider all aspects of starting or expanding an existing business. There is no charge for this service and we have found that if the client takes the time to work with SBDC (or other similar agencies) they are more likely to have considered all the implications of the project. Please feel free to contact the Tioga County Chamber of Commerce at (607) 687-2020 to schedule an appointment.

LDC Projects

CEPCO Tool Company, owner Cris Pasto. Cris obtained a Small Business Revolving Loan in the amount of $20,000 to expand his business located in Spencer.

That Salsa Company, owner Kelly Johnson. Kelly obtained a Small Business Revolving Loan in the amount of $7,000 to start her company located in Owego.

Lefty’s Right Hand, owners Jody & Tom D’Aloisio and Alice & James Bennett have been approved for an Intermediary Relending Program Loan to expand their business located in Waverly.

Ellie’s Bake Shoppe, owner Ellen Bidlack Manzer has been approved for a Small Business Revolving Loan in the amount of $11,500 to start her business located in Waverly.

All-Star Sports, owners Robert and Jo-Louise Morley have been approved for a Small Business Revolving Loan in the amount of $20,000 to expand their business located in Owego.

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 TCLDC 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.

Helpful Information

Small Business Workshop Calendar and Resource Center for the Greater Binghamton Area (Broome & Tioga Counties)

TCLDC FOIL Request Form     Word     PDF

Suggested Outline of Business Plan

Tioga County LDC Loan Policies   Word     PDF

Credit Report Request / Disclosure Form   Word     PDF

TCLDC Typical Fees and Conditions     Word     PDF

Tioga County Local Development Corporation Loan Programs

1) Small Business Revolving Loan Fund

Loan Policies and Eligibility Criteria

2) Intermediary Relending Program Loan Fund

Loan Policies and Eligibility Criteria

3) Southern Tier Business Development Micro-Loan Program

Loan Policies and Eligibility Criteria

          4) Commercial Facade Improvement Program

                    Press Release July 16, 2003  Word     HTML     PDF

                    Loan Policies and Eligibility Criteria   Word     HTML     PDF

                    Application Form   Word     HTML     PDF

This is an Equal Opportunity Program.   USDA prohibits discrimination in all its programs and activities on the basis of race, color, national origin, sex, religion, age, disability, political beliefs, sexual orientation or marital or family status. (Not all prohibited bases apply to all programs.)  Persons with disabilities who require alternative means for communication of program information (Braille, large print, audiotape, etc) should contact USDA’s TARGET center at 202-720-2600(voice and TDD). To file a complaint of discrimination write:  USDA, Director, Office of Civil Rights, Room 326-W, Whitten Building, 1400 Independence Avenue, SW, Washington DC  20250-9410 or call 202-720-5964(voice and TDD).

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Tioga County, New York Department of Economic Development and Planning County Office Building  •  56 Main Street  •  Owego, NY 13827 Voice: 607.687.8255  •  Fax: 607.687.1435 E-mail: info@developtioga.com

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