Buying Equipment

There are multiple incentive programs to assist local businesses with the purchase of equipment:

GreatRate Program

The GreatRate program provides businesses with an interest subsidy on a fixed rate loan or a capital lease used to purchase machinery or equipment, if the company meets its job requirement. The subsidy will be 3% or if the equipment is purchased locally, the subsidy will be 4%. (Rate cannot be subsidized below 1%)

Locally is defined as purchasing equipment from a vendor in Monroe, Genesee, Livingston, Ontario, Orleans, Seneca, Wayne, Wyoming, or Yates counties.

Company must meet the following Program Criteria:

  • Be a non-retail, for-profit business
  • Meet the SBA’s definition of a small business
  • Be headquartered in Monroe County
  • Create one job for every $75,000 in loan or lease subsidized up to $300,000 or increase employee base by 10%, whichever is less. Job creation must occur in Monroe County within 12 months of loan or lease closing.

Download the GreatRate/GreatRebate Application

GreatRebate Program

The GreatRebate program provides businesses with a rebate on equipment purchases of at least $50,000, if the company purchases the equipment with cash (not borrowed funds) and meets its job creation requirement. The rebate will be $4,000 or if the equipment is purchased locally, the rebate will be $5,000.

Locally is defined as purchasing equipment from a vendor in Monroe, Genesee, Livingston, Ontario, Orleans, Seneca, Wayne, Wyoming, or Yates counties.

Company must meet the following Program Criteria:

  • Be a non-retail, for-profit business
  • Meet the SBA’s definition of a small business
  • Be headquartered in Monroe County
  • Create one job for every $75,000 in equipment purchased up to $300,000 or increase employee base by 10%, whichever is less. Job creation must occur in Monroe County within 12 months of equipment purchase.

Download the GreatRate/GreatRebate Application

 Monroe Manufacturing Rewards Program

The Monroe Manufacturing Rewards Program provides manufacturing businesses with a rebate on manufacturing equipment purchases of $25,000 to $49,999. The rebate will be $2,000 upon proof of purchase of qualified equipment.

Company must meet the following Program Criteria:

  • Be a manufacturer
  • Be purchasing equipment not subject to sales tax under Article 28 of NYS Tax Law
  • Meet the SBA’s definition of a small business
  • Be headquartered in Monroe County
  • Have equipment physically located in Monroe County

Download the Manufacturing Rewards Program Application

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

Monroe Manufactures Jobs LoanPlus

The “Monroe Manufactures Jobs LoanPlus” program will lend manufacturing companies 10% of the purchase price of new manufacturing equipment, up to $100,000, at 1% interest. The company must also invest 10% and a partner bank will lend the remaining 80% of the purchase price. Additionally, if the company hires an individual who is unemployed and works for the company for at least six months, the company will receive a $500 bonus. Company must meet the following Program Criteria: • Be a manufacturer • Meet the SBA’s definition of a small business • Company and all owners having a 20% or higher stake in the company must be current with all taxes, have no outstanding tax liens and must personally guarantee the loan • Company must retain the job base over the term of the loan.

For more information: 585-753-2000 or email [email protected]

Top