Commercial Loan Programs

Qualified businesses may be eligible for loans through the City of Niagara Falls Department of Community Development. Loans may be used to assist and enhance a new business or an existing business looking to expand. To qualify, a business must stimulate growth in the local economy through job creation and retention, broaden the City’s tax base and generate new business for years to come.

Direct Loan Program
GAP financing for commercial and/or manufacturing businesses is available to help complete financial packages for projects. These projects must create permanent jobs or will have a significant impact on economic conditions. Real estate, machinery and equipment, and necessary project soft costs are eligible.

Small Business Enhancement Program
Small loans are granted to existing businesses that are unable to secure financing for their projects that create or retain jobs or will have a significant impact upon their economic condition.

Minority & Women Business Enterprise Loan Program
Up to $25,000 in funds may apply to minority-owned commercial and/or manufacturing businesses operating in the City of Niagara Falls. Eligible expenses include real estate, machinery and equipment, and working capital.

Other Available Loan Programs:

Direct Loan Program
Niagara County Industrial Development Agency (NCIDA) can make direct below market loans available together with other public and private financing for manufacturing businesses.

Interest Subsidy Loan
The Secondary Materials Technology Adoption Financing Program provides interest subsidies on loans made by the NYS-IDA for projects that develop or expand markets for secondary materials.

Small Business Administration SBA (7A) Program
The SBA can guarantee from 75-80% of a loan approved through a bank, up to $750,000 for commercial or manufacturing businesses that meet SBA size standards and condition.

Commercial Improvement Loan Programs

The City of Niagara Falls Community Development Department offers Commercial Loan Programs for the purpose of assisting new and/or existing businesses that are locating on Main Street. The following loan programs are available.

Commercial Façade Rebate Program
A program designed for commercial façade rehabilitation is available through the Community Development Department. This program addresses any exterior code violations, and can be used to implement energy conservation measures and general site improvements. A rebate of up to $9,000 is available for the cost of façade improvements per unit. The final rebate amount is determined based on a 1 to 1 match of private to public funds. The local architectural firm of Clinton Brown & Associates reviews the applications in order to assist the building owners.

Commercial Loan Subsidy Program
Rehabilitation loans are made available to repair and improve commercial units on Main Street. Direct financial assistance is made available to property owners and lease tenants for improvements, repair and maintenance of their buildings, stores and/or other commercial spaces. Rehab priorities include: code violations which create hazardous conditions for the staff or customers, energy saving measures, incipient code violations or preventative maintenance which may prove costly in the future (heating, plumbing, electrical improvements, roofing, siding, fencing, etc.)
Maximum rehab may not exceed $50,000 per building. This program offers a reduction of interest by five percentage points off the best interest rate obtained by the applicant from a bank of his/her choice.

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