Loan & Incentive Programs

Microburst Grant Program

This program has been updated as of March 14, 2022. It was created to provide a grant for local small business startup projects.  It is an opportunity to give your new business a financial boost. Every application will be reviewed for completeness and sustainability by staff and a review committee. The reimbursable grant funding can range from $5,000 to $20,000. If additional funding is needed, loans can also be employed (call the office for more information). 

Microburst applicants must review and adhere to these following items:

  • Wayne County Kickstart MB 2022Read UPDATED Microburst FAQ
  • Submit WEDC Mircroburst Application with other required documents that are described in the Application.
  • Attend ALL 5 of the SCORE business education workshops listed listed below under Resources. 
  • Flexible Deadline to apply for the Microburst Program based on available funding.
  • A business cannot receive funding from both the Wayne County Adult Pitch Competition and the Wayne County Microburst Grant Program. 

If you have any questions regarding Microburst Program, contact Ariel Cardiel at 315-946-5975.

RESOURCES FROM OUR PARTNERS

SCORE Workshops: 

The following five SCORE workshops have been conducted and recorded via Zoom. Microburst applicants must attend all five workshops. Please contact Ariel Cardiel for access to recorded sessions. 

Each Workshop is approximately one hour, but could be more depending on the content and the discussion between instructor and participants. These instructors are an excellent resource for your new business. 

Week 1:  Introduction/Expectations, SBA and Business Model Canvas
Week 2:  Sales and Marketing
Week 3:  Insurance & Banking
Week 4:  Accounting
Week 5:  Legal

For more information on SCORE organization or for a private consultation with a SCORE mentor, view the SCORE mentoring website

The SBDC:

The New York Small Business Development Center (NYSBDC) provides small business owners and entrepreneurs in New York with one-on-one business counseling, training, and business research. All advisement is free and confidential. For more information visit the New York Small Business Development Center website  and start by making an appointment with a Certified Business Advisor.

HOW TO APPLY

Complete the required application for any of the programs noted and include required documents. If proof of attendance is required for SCORE workshops, please include that documentation with your application. If required, send application fee. Payment must be sent by mail or hand-delivered to the address shown here before the deadline. 

Mail or Deliver Applications & Documents to:
Wayne Economic Development Corporation
Attn: (Write in name of program)
9 Pearl Street, 2nd Floor
Lyons, NY 14489

Email Submission: If you intend to email an application and documents, all attached file types must be in PDF format under 15 MB total and labeled with your business name. Once an application is received, it will be reviewed for completeness. You will be notified that it was received and if any information is missing. Please refer to FAQ or Guideline documents for further details. We ask for your patience while we carefully go through this process of reviewing projects. Thank you in advance for your interest in Kick Starting your business in Wayne County. 

Wayne County Industrial Site Fund

In 2013, the Wayne County Board of Supervisors established the Industrial Development Site Fund as a tool to encourage the extension of public infrastructure. This was a done in order to assist municipalities implementing infrastructure improvements necessary to expand and grow business site opportunities in Wayne County. 

The program operates on a reimbursement basis and is intended to cover up to one-third of total project costs including labor and materials necessary to improve public infrastructure leading to new commercial and industrial investments in Wayne County. Total program contributions are capped at $300,000 per project.

The Wayne County Industrial Development Agency (WCIDA) is the program administer managing review and approval of applications, which aids in further facilitating approval of individual projects through the Wayne County Board of Supervisors. Typically, the county pays one-third, the town pays one-third, and the developer pays one-third. On larger projects, we may request assistance from state or federal government programs. In such instances, the local match is then divided using the above formula with the approval of the Wayne County Board of Supervisors. No such request has ever been declined locally.

Wayne County Industrial Site Fund Program Description and Guidelines

Wayne County Industrial Site Fund Application

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Industrial Development Agency Revenue Bonds & Tax Incentive Program

Wayne County Industrial Development Agency (WCIDA) helps facilitate the financing of an industrial or qualified non-industrial project through the issuance of taxable or tax-exempt industrial development (revenue) bonds (IRB or IDB).

Tax Incentives may be accessed without bond financing using a sale/leaseback transaction. Eligible projects include construction, acquisition, and renovation of real property as well as the purchase of machinery and equipment.

IDB financing also provides companies with sale/leaseback benefits. A project owned by the Wayne County Industrial Development Agency (WCIDA) and leased to a manufacturing entity can provide many benefits. A sales tax exemption on the project, related sales and use taxes, and an exemption of the one percent New York State Mortgage tax are cases in point.

Additionally, the WCIDA has adopted a countywide policy for the provision of real property tax incentives for expanding manufacturing industries. The incentives provided apply to value-added only. This 10-year program allows for a 100% abatement for the first five years and a 50% abatement for the second five years of county, town, village, and school district real estate taxes, except special districts.

Business Property Tax Exemption

With few exceptions, this exemption is available for the county, town, village, and school district taxes and does apply to special district taxes. It consists of a 50% exemption in increased assessed valuation for the first year and for any new construction or improvement exceeding $10,000. The exemption would decline 5% per year for an additional nine years for a total 10-year exemption. It is available for all commercial and industrial projects, including hotels and motels, but cannot be used in conjunction with the IDA tax incentive program. A one-page application to the town assessor is all that is required.

Micro - Enterprise Revolving Loan Program

Makes loans up to $150,000 for the purchase of fixed assets or working capital. Provides both technical and financial assistance to the startup or expanding small business creating or retaining low to moderate-income jobs. The interest rate, based on prime, will be fixed at the time of closing with a repayment term of up to eight years, depending on the use of proceeds. This is available for businesses with five or fewer employees within Wayne County. At the time of application, ineligible businesses are those involved in real estate speculation, lending, gambling, or other illegal activities, pyramid sales, opinion molding, and investment activities. Additionally, refinancing of existing debt is not permitted.

Small Business Administration Program 

Small Business Administration 504

This fixed asset economic development program from the U.S. Small Business Administration promotes growth and job creation in small businesses. The WEDC is a resource center for this program that provides long-term, second mortgage money for expanding businesses. The interest rate is fixed at the time of the loan funding at rates tied to yields on treasury securities, usually below the prime rate. The rate, inclusive of all serving fees, is usually 2% of above the five or 10 year U.S. Treasury Note yield and is typically 1% to 2% under market rates.

Small Business Administration (SBA) 504 loans are used in conjunction with conventional bank financing to provide a total of 50% of project costs or appraised value. Loans are available ranging from $100,000 to $1.5 million (in some cases $2 million), or up to 40% of appraised value or total project costs, whichever is less. To be eligible, owner-occupied projects should create or retain one job for each $50,000 provided by the SBA. Recipients must use proceeds from 504 loans for fixed asset projects such as purchasing land, buildings, long-term machinery and equipment, building expansion, and new construction. The 504 program cannot be used for working capital, inventory, consolidating or repaying debt, or refinancing. Most related soft costs of the project are eligible. Loan terms are up to 10 years for the purchase of equipment and machinery and up to 20 years for real property. This program is available to most types of for-profit, creditworthy businesses with a tangible net worth of under $7.5 million and which do not have an average net income over $2.5 million during the last two years.