Job Development Authority NY
Financial Services - New York, New York, United States
Job Development Authority NY Employees
Job Development Authority NY Details
This program provides Direct Loans for the growth of manufacturing and other eligible businesses within New York State by assisting in financing a portion of the cost of acquiring and renovating existing buildings or constructing new buildings ("Real Estate" projects) or for purchasing machinery and equipment ("M&E" projects). Funds to make Loans are derived from the sale of State-guaranteed bonds. * Program Highlights - In most cases, JDA Loans can be for up to 40% of the total project cost of Real Estate projects or M&E projects. - Loans may be up to 60% for projects located in Empire Zones or economically distressed area. - The combination of a bank loan and a JDA Loan allows up to 90% financing of a project. - Typical financing structure: 50% Bank Loan 40% JDA Loan 10% Borrower Equity - A JDA Real Estate Loan is normally a second mortgage loan, subordinate to a first-mortgage loan provided by a bank; M&E Loans are secured by a first lien, co-equal with the bank's lien, on the M&E being financed. - Real Estate project costs include the cost of an existing building and renovations, purchase of land and construction of a new building and soft costs normally associated with a real estate transaction. - M&E project costs include the cost of the machinery and its delivery, installation costs solely attributable to the machinery being purchased and soft costs related to the M&E acquisition.
