SEDCO Financing

Syracuse Economic Development Corporation (SEDCO) offers permanent and special lending programs for small businesses located within the City of Syracuse limits. For reference, click here to see a map of the City of Syracuse.

SEDCO Special Financing

SEDCO can offer special financing through different financing sources. In the past, financing sources have included COVID C.A.R.E.S. Act and American Rescue Plan Act (ARPA) federal dollars. These are typically limited and time-sensitive financing.  

Now Accepting Applications: SEDCO ARPA Small Business Lending Program [Round II]

In order to help address the economic challenges and hardship experienced by the small business community in Syracuse since the beginning of the Covid-19 pandemic, SEDCO is establishing a new funding program to provide financial support to small businesses: Micro-Enterprise Assistance, Small Business Assistance, and the Community Impact Fund. The goal of these funds is to enable Syracuse businesses to continue to operate and assist with pursuing new investment opportunities to adapt to the changing economic landscape. The program is designed to promote local economic recovery, encourage consumer confidence and access local products and services provided by City businesses. To learn more about these programs, please view the Frequently Asked Questions (FAQ) document available here(PDF, 265KB).

Informational Webinar Video: SEDCO has created a video tutorial to visually show and explain the application process. Please click here to access and watch the tutorial. 

 

SEDCO has three funds optimized to provide financial support to small businesses and eligible not for profit organizations to address the economic hardship experienced by the Syracuse community:

   Small Business Assistance Fund  Community Impact Fund
Applicant Criteria Business with 50 or less employees, and experienced a decline in sales and/or located in an ARPA eligible census tract  Business or development entity making capital investment resulting in renovation or other physical real estate improvements
Maximum Loan Size  $25,000.00  $200,000.00
Interest Rate  3.0 to 5.0%  3.0 to 5.0%
Term  5 Years  Up to 15 Years
Forgivable?  No*  No
  Click here to view application(PDF, 193KB) Click here to view application(PDF, 233KB)

 

Fully completed applications and required supporting documentation can be submitted starting on Wednesday, November 30, 2022. Applications will be accepted on a rolling basis until all funds are exhausted.  Only fully completed applications with all supporting documentation will be considered.

How to Apply for Special Financing

In order to seek funding through SEDCO, applicants must complete a three-step process.

STEP 1: Review the FAQ Informational Sheet (click here to view(PDF, 265KB)). If necessary, work with a City of Syracuse staff member to determine the loan fund that is most appropriate based on your financial needs.

STEP 2: Determine specific fund preference and fill out and complete the corresponding SEDCO ARPA Fund Application below. Applicant should choose from one of the following loan funds: The Micro-Enterprise Assistance Fund; the Small Business Assistance Fund, or the Community Impact Fund. Please see the “Application Instructions + Procedure” on Page 4 of the FAQ document for more information.

STEP 3: Submit the completed application and supporting materials by email (preferred method) or by mail. Questions regarding this program should be directed to SEDCO at business@syr.gov. If necessary, work with a City of Syracuse staff member to determine the loan fund that is most appropriate based on your financial needs. SEDCO staff are available to answer questions or assist with completing the chosen fund application.

Application + Information Materials
La información está disponible en español

Con el fin de ayudar a abordar los desafíos económicos y las dificultades experimentadas por la comunidad de pequeñas empresas en Syracuse durante los últimos 3 años desde el comienzo de la pandemia de Covid-19, SEDCO ha establecido nuevos programas de financiación para brindar apoyo financiero a las pequeñas empresas: Asistencia para microempresas, Asistencia para pequeñas empresas y el Fondo de impacto comunitario. La siguiente tabla proporciona una sinopsis de los diferentes fondos, incluido el tamaño del préstamo, la tasa y quién es elegible. Los programas proporcionarán capital de préstamo que se tomará prestado, con una opción de préstamo condonable para microempresas (definidas como empresas con 10 empleados o menos). Los objetivos de este programa son permitir que las empresas de Syracuse continúen operando y ayudar a buscar nuevas oportunidades de inversión para adaptarse al panorama económico cambiante. El programa está diseñado para promover la recuperación económica local y fomentar la confianza del consumidor y el acceso a los productos y servicios locales proporcionados por las empresas de la Ciudad. Para obtener más información sobre el programa, consulte el documento de preguntas frecuentes que se proporciona aquí(PDF, 285KB) .

 

SEDCO tiene tres fondos optimizados para brindar apoyo financiero a pequeñas empresas y organizaciones sin fines de lucro elegibles para abordar las dificultades económicas experimentadas por la comunidad de Syracuse:
 

Fondo de asistencia para pequeñas empresas

 Fondo de impacto comunitario
Criterios del solicitante   Negocio con 50 empleados o menos, y experimentó una disminución en las ventas y/o está ubicado en un distrito censal elegible para ARPA Entidad comercial o de desarrollo que realiza inversiones de capital que resultan en renovaciones u otras mejoras físicas de bienes inmuebles
Tamaño máximo del préstamo   $25,000.00 $200,000.00
Tasa de interés
3.0 a 5.0% 3.0 a 5.0%
Término
5 Años Hasta 15 Años
¿Perdonable?
No* No

Haga clic aquí para ver la aplicación(PDF, 489KB) Haga clic aquí para ver la aplicación(PDF, 689KB)

 

Las solicitudes completamente completadas y la documentación de respaldo requerida se pueden enviar a partir del miércoles 30 de noviembre de 2022. Las solicitudes se aceptarán de forma continua hasta que se agoten todos los fondos. Solo se considerarán las solicitudes completamente completadas con toda la documentación de respaldo.

Si tiene alguna pregunta, comuníquese con SEDCO por teléfono al 315-448-8100 o por correo electrónico a business@syr.gov.

 

Please contact SEDCO with any questions by phone at 315-448-8100 or by email at business@syr.gov.

SEDCO General Financing

SEDCO is a private not for profit local development corporation providing low cost, fixed asset financing for commercial businesses operating in the City of Syracuse.

SEDCO loan proceeds may be used for the following

  • Financing a portion of purchasing physical property
  • Financing a portion of rehabilitating real property
  • Financing machinery or equipment

General Financing Conditions

  • Typically do not exceed $125,000 
  • Interest rate ranges between 3% and 5%
  • Terms are up to 15 years (this can vary by project)

 

How to Apply for General Financing

In order to seek funding through SEDCO, applicants must complete a two-step process.

STEP 1: All interested applicants will be required to fill out an initial "Inquiry Form".

STEP 2: Once the initial applicant information is completed, a City of Syracuse staff member will follow up in short order to speak with the applicant and assist with identifying which fund and corresponding application is best suited for their financial needs. The corresponding application template will then be shared and must be filled out and submitted with the supporting documents by the applicant. Please see the "Application Instructions" located in the FAQ document for more information.

 

 

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