Binghamton Local Development Corporation
To further sustainable development in the City of Binghamton by attracting new business, retaining and growing established businesses, building industrial and commercial capacity, promoting employment and fostering entrepreneurship and innovation.
Please download Loan Program Guidelines and Applications for full details and borrower eligibility.
Board of Directors
- Art Smith
- Chris Papastrat
- Chuck Shager
- John Saraceno
- Juliet Berling
- Ken Frank
- Dani Cronce
- Mary Jacyna
- Rich David
- Ron Sall
- Betsy Koffman
- Per Stromhaug
Business Plan Competition
- 2019 Deadlines TBA
- Interest: Fixed, Prime + .5%
- Maximum Loan: Under $25,000
The Microenterprise Loan Program targets small and start-up businesses. Loans are offered in an amount less than $25,000 with a 5-year term and a fixed interest rate of prime rate (per rate published in the Wall Street Journal) plus 0.5%. Microenterprise loans can be used for the purchase of fixed assets, working capital and inventory.
Commercial Façade Improvement
- Interest: Prime up to 5 years, Prime + .5% up to 10 years
- Maximum Loan: $100,000
The Commercial Façade Improvement Loan Program targets exterior building improvements particularly in the City’s historic districts. The BLDC finances up to 75% of the total project capped at $100,000, at prime rate up to a 5-year term; prime plus 0.5% up to a 10-year term (prime rate as published in the Wall Street Journal). Borrower’s equity contribution and non-BLDC funding must be invested and documented prior to any BLDC funds being advanced; 1/3 draw can be made with presentation of verifiable invoices, interest only payments begin on aggregate principal advanced; the second 1/3 draw with verifiable invoices; final 1/3 draw following invoices and inspection by City Building Department; then, principal and interest payments begin.
- Interest: Fixed 75% of Prime Rate
- Maximum Loan: $250,000
*Job creation requirements apply The Revolving Fund Loan Program is available to a proprietorship, partnership or a corporation engaged in commercial activity. BLDC will finance up to 40% of total project cost capped at a maximum of $250,000. Loans are collateralized by fixed assets for a term compatible with bank lending or depreciable life of machinery/equipment based on specific projects up to 20 years, at an interest rate of prime rate as published in the Wall Street Journal less 0.5%. The rate is fixed on the date of formal Board approval. Jobs hiring individuals from low-to-moderate income brackets as defined annually by HUD must be created within 3 years of securing funding at a ratio of 1 job per $35,000 of funds borrowed. Loans may be used for buying a building, purchasing machinery or fixtures; development, rehabilitation, renovation or improvement of land, buildings and facilities; or other eligible activities within the project scope.
- Interest: Fixed, Prime + .5%
- Maximum Loan: $5,000
The Mini-Microenterprise Loan Program targets small and start-up businesses as well as established business and are ideal for gap funding. This program is directed at nontraditional borrowers in particular. Loans are offered in an amount less than $5,000 with a 3-year term and a fixed interest rate of prime rate (per rate published in the Wall Street Journal) plus 0.5%. Mini-Microenterprise loans can be used for the purchase of fixed assets, working capital and inventory.
Energy Efficient Green Jobs Revolving
- Interest: Fixed, Prime – .5%
- Maximum Loan: Commercial Energy Efficient Improvements – $35,000 BPI Certified Contractors – $70,000
The Energy Efficiency Green Jobs Revolving Loan targets Business entities that have established a location within the City limits and can demonstrate a detailed plan for the incorporation of energy efficient renovations to commercial or industrial space that’s targeted for revitalization. It also targets Local Contractors that provide proof of BPI certification (verification of certification required) with an established business located in the City of Binghamton. Or a contractor located in the City of Binghamton looking to start up a BPI-certified business in the City of Binghamton.
In July 2018, Eva Duarte, a recent Binghamton University graduate, chose to stay in Binghamton and open her own business, Dapper Rascal barbershop. With a prime location, 60 Court Street, in the heart of downtown and next to Dos Rios, this barbershop is a welcome...read more
October of 2018 saw the City of Binghamton kick off a wave of demolitions, continuing a 2016 Federal Emergency Management Agency (FEMA) grant that targeted blighted, flood prone properties. Approximately $1.5 million will be used to cover the cost of appraisals, land...read more
The Urban Farm is located in the heart of the city at 16 Tudor Street in a flood-prone area that was formerly a series of four abandoned houses. Youth employees continue to contribute to the farm's tremendous growth each summer with the maintenance of greenhouse as...read more
Projects in Action
The downtown has three alleys that are in need of improvement. The Parlor City Commons was reconstructed in 2013 and is by far the most improved alley of the three. However, the pavers are now lifting and need to be fixed. It has been nearly 30 years since Commercial...read more
The 114,000 square foot building has dominated the skyline west of the lower Chenango – facing a residential area with its back to Downtown – since its construction in 1959 as a Sheraton Hotel, and later as the 178-room Renaissance Plaza nursing home. It has been...read more
This project is in the heart of downtown’s commercial district and proposes a $4.5 million structure with two commercial spaces on the ground floor and between a dozen and two dozen apartments on the second floor.read more