Buying Equipment

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

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]

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