Buying A Business
Women & Minorities
types of loans
Conventional, Non-Guaranteed Loan
Zone Capital Corporation of New York
New York’s Empire Zone
program is one of the most effective job creation and economic
development programs available. Through Statewide Zone Capital
Corporation (SZCC ), a privately-owned loan fund whose capital
is available to promote the expansion and growth of businesses
in New York’s 51 participating Empire Zones, financing is
available for both existing and new businesses.
Operations of SZCC
are managed by NYBDC. SZCC is intended to complement conventional
bank financing by partnering with banks to provide credit to businesses,
many of which do not meet the requirements for traditional financing.
Benefits of SZCC Financing
• Loan Amounts
• Minimum down payment requirements
• Economic development financing for participating
New York State Empire Zones
• Flexible repayment terms
Loans range from $30,000 to $300,000. Bank or other lender
participations are desired.
Use of Funds
• Working capital
• Leasehold improvements
• Machinery & Equipment
• Some debt refinancing
market fixed interest rates are available. See our Current Interest
Rates table for current information.
be sought to secure all SZCC financing. Acceptable security includes
real estate mortgages (business or personal); liens on business
assets; other corporate and/or personal guarantees; and assignment
of life insurance policies.
A non-refundable application
fee of $250 is to accompany each application upon submission to
SZCC. Origination fees may be assessed where applicable.
Range from 3 to 15 years. Maturities will be based upon the
use of loan proceeds, and the terms of the loan will approximate
the useful life of the underlying asset/collateral.
The SZCC Application
Step 1: A business needing financing
must be located in or planning to locate in one of the 51 participating
Step 2: A business must obtain
zone certification from Empire State Development and be qualified
as eligible to apply to SZCC for financing by the local zone administrative
board. Certification and qualification are based on job creation
and/or retention, capital investment in the zone or an ability
to meet other economic development goals of the individual zone.
Step 3: A business must provide
a credit application to SZCC and the participating lender. Our
Loan Application Checklist outlines the information needed to review
your loan request.
4: NYBDC underwrites SZCC's portion
of the credit application. NYBDC's Regional Loan Committee and
SZCC's Investment Committee vote concurrently on the credit application.
With approval from the participating lender, a closing is scheduled.
Conroy or the loan officer who is assigned to your region to discuss
your questions about SZCC.