Economic Development Programs

GreatRate / GreatRebate / EquiPlus

The GreatRate program provides businesses with an interest subsidy on a fixed rate loan or a capital lease used to purchase machinery or equipment, if the company meets its job requirement. The subsidy will be 3% or if the equipment is purchased locally, the subsidy will be 4%. (Rate cannot be subsidized below 1%)

Locally is defined as purchasing equipment from a vendor in Monroe, Genesee, Livingston, Ontario, Orleans, Seneca, Wayne, Wyoming, or Yates counties.

Company must meet the following Program Criteria:

• Be a non-retail, for-profit business
• Meet the SBA’s definition of a small business
• Be headquartered in Monroe County
• Create one job for every $75,000 in loan or lease subsidized up to $300,000 or increase employee base by 10%, whichever is less. Job creation must occur in Monroe County within 12 months of loan or lease closing.

The GreatRebate program provides businesses with a rebate on equipment purchases of at least $50,000, if the company purchases the equipment with cash (not borrowed funds) and meets its job creation requirement. The rebate will be $4,000 or if the equipment is purchased locally, the rebate will be $5,000.

Locally is defined as purchasing equipment from a vendor in Monroe, Genesee, Livingston, Ontario, Orleans, Seneca, Wayne, Wyoming, or Yates counties.

Company must meet the following Program Criteria:

• Be a non-retail, for-profit business
• Meet the SBA’s definition of a small business
• Be headquartered in Monroe County
• Create one job for every $75,000 in equipment purchased up to $300,000 or increase employee base by 10%, whichever is less. Job creation must occur in Monroe County within 12 months of equipment purchase.

The EquiPlus program is for eligible companies approved for the GreatRate or GreatRebate program. The EquiPlus program provides sales tax exemption on qualified equipment purchases. It is a simplified application process that allows companies to receive benefits from both the Monroe County Industrial Development Corporation (MCIDC) and COMIDA.

Companies that receive benefits through the GreatRate or GreatRebate programs for the purchase of equipment may be eligible for a sales tax exemption on the equipment purchase.

The fee for EquiPlus is ½% of the equipment cost plus the COMIDA attorney fee of $750.

• GreatRate Application
• GreatRebate Application

SBA Loan Program

The SBA 504 Loan Program provides long-term financing for the purchase of land, buildings and equipment at a fixed-rate of interest.

Funding for SBA 504 loans is provided through a partnership between the SBA and a private sector lender such as a bank.

Under a typical SBA 504 scenario:

• 50% of the financing for the project is provided by a bank at rate determined by the bank
• 40% is provided by the SBA through the Monroe County Industrial Development Corporation (MCIDC) in the form of a fixed-rate SBA guaranteed debenture
• 10% in equity is provided by the business.

The SBA can guarantee payment of debentures for as little as $50,000 and up to $5,500,000 (for qualified manufacturing projects.)

Documents Required to Apply:

• Description of project to be financed
• Last three years financial statements, including corporate federal tax returns
• Interim financial statement within 60 days of application
• Accounts receivable and accounts payable aging within 60 days of application
• Two years of projected balance sheet and income statement with assumptions
• Personal financial statement and federal tax returns for the last year of any shareholder with 20% or more ownership

Monroe Manufacturing Rewards

The Monroe Manufacturing Rewards Program provides qualified manufacturing businesses with a rebate on manufacturing equipment purchases of $25,000 to $49,999. The rebate will be $2,000 upon proof of purchase of qualified equipment.

Company must meet the following Program Criteria:

• Be a manufacturer
• Be purchasing equipment not subject to sales tax under Article 28 of NYS Tax Law
• Meet the SBA’s definition of a small business
• Be headquartered in Monroe County
• Have equipment physically located in Monroe County

• Monroe Manufacturing Rewards Application

Monroe Manufactures Jobs

The Monroe Manufactures Jobs program connects graduates of the Monroe Community College Applied Technology Center with local manufacturing companies by providing both the employer and employee a $1,500 bonus

Company must meet the following Program Criteria:

• Be a manufacturer
• Retain employee for 1 full year after date of hire
• Be headquartered in Monroe County.

• Monroe Manufactures Jobs Application

Monroe Manufactures Jobs LoanPlus

The “Monroe Manufacturers Job LoanPlus” program will lend manufacturing companies 10% of the purchase price of new manufacturing equipment, up to $100,000, at 1% interest. The company must also invest 10% and a partner bank will lend the remaining 80% of the purchase price. Additionally, if the company hires an individual who is unemployed and works for the company for at least six months, the company will receive a $500 bonus.

Company must meet the following Program Criteria:

• Be a manufacturer
• Meet the SBA’s definition of a small business
• Company and all owners having a 20% or higher stake in the company must be current with all taxes, have no outstanding tax liens and must personally guarantee the loan
• Company must retain the job base over the term of the loan.

Bond Financing

As you move forward with your projects, Monroe County Economic Development Department has several programs that may be able to offer assistance.   Please contact Executive Director Ana Liss who can assist you with completing the application process.  All projects must use 100% local labor.  More information on the local labor policy and waiver process.  

• Not-for-Profit Application