City of Schenectady Economic Development Offices
Schenectady City Department of Development
The Schenectady City Department of Development (DOD) provides services to the business community within the city of Schenectady, including business planning and technical and financing assistance. The department acts as a liaison with other city government offices (building codes, zoning, planning and assessment).
The Economic Development Fund (EDF) is under City Council jurisdiction and is part of the city's Community Development Block Grant (CDBG) program, funded by the U.S. Department of Housing and Urban Development.
The Department of Development also is responsible for daily administration of three loan funds, two of which are overseen by the board of directors of the Schenectady Local Development Corporation (SLDC). The SLDC, an all-volunteer, not-for-profit organization staffed by the city of Schenectady, has loaned nearly $5 million to 250 projects within the city since the early 1980s. Any retail, service or manufacturing business in the city can apply for loans. In addition to the CDBG-funded loans, SLDC administers a revolving loan fund through a state grant that provides money for fa?ade improvements.
The DOD administers the Economic Development Zone (EDZ) program that uses state funds to provide incentives for businesses locating within the EDZ. The incentives can include utility discounts, investment tax credits and job tax credits. Businesses within the EDZ also have special financing programs available to them. The EDZ has irregular boundaries within the city and a sub-zone in the Glenville Industrial Park. More details about the EDZ are available at the Web site, www.sgedz.org.
DOD staff can be reached at 518.382.5147 or via fax at 518.382.5275. The department's offices are in Schenectady City Hall, Jay Street, Schenectady, NY 12305.
Schenectady Local Development Corporation
Chartered in 1978 to benefit small business in the City, the Schenectady Local Development Corporation (SLDC) is dedicated to providing businesses with the expertise needed for stability and growth.
Steve Strichman
City Hall, Room 14
Schenectady, NY 12305
(518) 382-5049
Revolving Loan Fund
SLDC administers a revolving loan fund for small businesses located in the City of Schenectady. Businesses are eligible for the loans by creating jobs for low or moderate-income persons, or by serving a residential area of low or moderate-income persons. The SLDC also has a special loan program targeting low or moderate-income persons who want to start their own businesses.
The SLDC finances loans up to $50,000 below market rates with flexible terms; the average loan is approximately $20,000. SLDC staff is experienced with business financing and can package loans to incorporate banking and/or Small Business Administration financing to reach the total funding available to the business.
Use of funds:
- Machinery and/or equipment
- Real property acquisition
- Inventory purchase
- Working capital
Available for these business types:
- Retail
- Wholesale Service
- Manufacturing
Application procedure is submission of a written business plan, which encompasses:
- Organization, ownership and management
- Description of business
- Business History
- Products and/or Services
- Customer base
- Market
- Marketing plan
- Financial information
SLDC staff is available to assist with preparation. Contact SLDC at 382-5147 or DIRDEVEL@NYCAP.RR.COM
SLDC staff is also available for consultation on business operations and management. Technical assistance can be provided on marketing, inventory management, fiscal analysis and cost controls.
Economic Development Zone
Qualified Empire Zone Enterprises (QEZEs) are eligible for enhanced sales, property, and business tax credits for businesses locating and expanding in such zones. The Empire Zones Program provides companies that increase their employment the opportunity to operate on an almost "tax-free" basis for up to ten years in designated areas of the State, with additional savings available on a declining basis in years 11 through 14.
To participate in the Empire Zone Program, one of the following must be true:
- Business is new to New York State
- Business is experiencing employment growth
- Business is purchasing or constructing production facilities
To calculate potential QEZE Tax credits, Download Excel spreadsheet.
Prior to accessing Empire Zone benefits, you must register with the Schenectady/Glenville Empire Zone.
The Schenectady City Department of Development (DOD) provides services to the business community within the city of Schenectady, including business planning and technical and financing assistance. The department acts as a liaison with other city government offices (building codes, zoning, planning and assessment).
The Economic Development Fund (EDF) is under City Council jurisdiction and is part of the city's Community Development Block Grant (CDBG) program, funded by the U.S. Department of Housing and Urban Development.
The Department of Development also is responsible for daily administration of three loan funds, two of which are overseen by the board of directors of the Schenectady Local Development Corporation (SLDC). The SLDC, an all-volunteer, not-for-profit organization staffed by the city of Schenectady, has loaned nearly $5 million to 250 projects within the city since the early 1980s. Any retail, service or manufacturing business in the city can apply for loans. In addition to the CDBG-funded loans, SLDC administers a revolving loan fund through a state grant that provides money for fa?ade improvements.
The DOD administers the Economic Development Zone (EDZ) program that uses state funds to provide incentives for businesses locating within the EDZ. The incentives can include utility discounts, investment tax credits and job tax credits. Businesses within the EDZ also have special financing programs available to them. The EDZ has irregular boundaries within the city and a sub-zone in the Glenville Industrial Park. More details about the EDZ are available at the Web site www.sgedz.org.
DOD staff can be reached at 518.382.5147 or via fax at 518.382.5275. The department's offices are in Schenectady City Hall, Jay Street, Schenectady, NY 12305.
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