Financing and Incentives

Our Business Development Team — part of the Department of Neighborhood and Business Development — works with entrepreneurs and small and large businesses to find financing and development incentives.

Learn about some of your options and contact our office to discuss further.

Have questions?

Contact the Business Development Team. 
Phone: 315-448-8100
Email: business@syrgov.net

Grants

Grant programs offer money for your business or project that you don’t need to repay. To apply, there are specific requirements you need to meet.

Connective Corridor Hospitality Enterprise Fund (CCHEF)

NYS Consolidated Funding Application (CFA)

  • Single application for multiple sources of state funding
  • Designed to streamline the grant application process and advance the priorities of the Regional Economic Development Councils
  • Learn more about the NYS CFA

Onondaga County Green Improvement Fund (GIF)

Loans

Some programs will lend money to help you start, expand, or improve your business. You’ll need to repay the funds over time, with interest.

Central New York Enterprise Development Fund (CNY EDF)

Specific programs include:

  • CNY Energy Efficiency Loan Program (CNY EELP), which helps finance energy performance improvement projects within non-residential or mixed-use buildings. 
  • CNY Rural Microenterprise Assistance Program offers up to $50,000 loans to businesses to buy or improve property, purchase capital equipment, or fund permanent working capital needs. To be eligible, businesses must meet at least one of the following requirements:
    • Produce value-added products from local raw materials
    • Serve a community’s basic needs
    • Provide essential business-to-business services
    • Encourage tourism development
    • Support the community’s rural identity

Greater Syracuse Business Development Corporation (GSBDC)

  • Provides long-term loans to small businesses in New York
  • Offers fixed interest rates and low down payments
  • Learn more about the GSBDC

Grow Syracuse Fund

  • Provides loans to finance larger development projects for national small businesses (SBA 7a) 
  • Designed to create jobs in underserved communities
  • Has Preferred Lender status granted by the Small Business Administration
  • Learn more about the Grow Syracuse Fund

Pursuit Lending (formerly called NYBDC)

  • Provides loans to small businesses — from start-ups to mature businesses 
  • Emphasizes support of minority- and women-owned businesses
  • Lending partners include the SBA and the Empire State CDC: The 504 Company
  • Learn more about Pursuit Lending

New York Job Development Authority (JDA)

  • Provides financing for the growth of manufacturing, distribution, warehousing and certain service businesses
  • Offers direct loans to:
    • Buy and develop buildings
    • Buy machinery and equipment
  • Learn more about the NY JDA

Syracuse Economic Development Corporation (SEDCO)

  • Provides low interest, fixed asset loans for the acquisition of land, buildings, or rehabilitation of real property, or equipment
  • Also provides low interest (3% to 5%) financing up to $125,000 for small business expansion, startup, or relocation within city limits — loans are used for purchasing property, renovation, furniture, fixtures, and equipment

Tax Credits and Exemptions

Some programs offer financial help in the form of lower taxes or tax-free bonds. This will save you money on your tax bill each year.

City of Syracuse Department of Assessment

New York State Historic Rehabilitation Tax Credits

  • Provides an additional tax credit for qualified rehabilitation expenditures for income-producing properties
  • Properties must:
    • Already qualify for the 20% Federal Rehabilitation Tax Credit
    • Be in eligible census tracts
    • Have paid their Part 2 and Part 3 state fees
  • In effect, the state offers a 20% tax credit to match the 20% Federal credit
  • Learn more about the program

Onondaga County Industrial Development Agency (OCIDA)

  • Provides sales, mortgage, and real property tax exemptions to qualified projects 
  • Offers sales tax and property tax abatement to companies expanding in Onondaga County
  • Assists project financing by issuing taxable and tax-exempt bonds and by providing information on complementary financing, such as fixed asset and working capital lending programs
  • Learn more about OCIDA

Opportunity Zones

  • Offers tax breaks to businesses in economically-distressed areas (such as deferred anticipated capital gains until 2027 or later)
  • Allows investment in a Qualified Opportunity Fund (QOF) 
  • Program is led in partnership with Empire State Development
  • Learn more about Opportunity Zones

Syracuse Industrial Development Agency (SIDA)

  • Public authority that provides a variety of financial incentives to larger projects
  • Offers exemptions from property, sales, use and mortgage recording taxes
  • Learn more about SIDA 

Syracuse Local Development Corporation (SLDC)

  • Corporation that issues tax-exempt bonds for civic facility projects for:
    • Colleges and universities
    • Medical and research institutions, such as hospitals
    • Other non-profit organizations
  • Learn more about SLDC

Incentives for Minority and Women-Owned Businesses

Minority and Women-Owned Business Enterprises (MWBE)

  • Increases opportunities for minority and women entrepreneurs to access government contracts and grow their businesses
  • MWBE-certified businesses become more visible to prospective buyers, including agencies and private contractors seeking to purchase goods and services
  • Learn more about MWBE

Other Incentives

Some agencies offer assistance to businesses for site development infrastructure costs, or for equipment purchases that improve energy efficiency and productivity.

National Grid

  • Offers a number of assistance programs
  • Programs support site development, urban revitalization, infrastructure assistance, energy efficiency, and productivity improvement
  • Learn more about support from National Grid

New York State Energy Research and Development Authority (NYSERDA)

  • Offers incentives for buying and installing energy-efficient equipment to lower energy costs in new and substantially renovated buildings
  • Learn more about NYSERDA

 

 

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