Financial Services

Our mission is to create a viable business atmosphere that will attract compatible and diverse sustainable economic development opportunities while focusing on major assets, retention/expansion projects, quality of life and job creation. To attain these goals, we offer a number of financing instruments and economic incentives which are listed below:


Essex County IDA Loan Program

Essex County IDA manages a loan pool that leverages several funding sources to allow business and industry access to an assortment of diverse financing programs to encourage economic development. This cooperative approach to financing opportunities offers the prospective borrower a single point of contact and a single application process through which several financing sources may be accessed. Technical assistance is also available.

Terms & Conditions: conditions of loan will be determined by the IDA at its discretion, based on such factors as the structure of other related loans, the nature of the collateralized assets and borrower's projected ability to pay.

Terms of loan of a fixed asset loan will generally be consistent with the useful life of the assets being financed, such as life periods being consistent with standard commercial lending policies.

Land & Building - up to 15 years, Machinery & Equipment - up to 10 years and Working Capital - up to 5 years

Eligible uses of funds: Fixed assets, current assets (including; inventory, receivables and permanent working capital), business activities (manufacturing (defined as; fabrications, assembly, processing, growing, packaging, or other enterprises that involve production of an end product), retail, other (transportation, utilities, communications, construction trades, wholesale distribution, agriculture, forestry, accommodations, recreation, food & beverage, art/craft and professional services)

Essex County IDA Loan Policy

Loan Application, Personal Financial Statement and Credit Authorization Form


Hurricane Irene Recovery Community Loan Fund

The primary objectives of the loan program are to facilitate the assistance to businesses which have incurred additional costs and economically impacted by Hurricane Irene on August 28, 2011.  Program funds may be used to justifiable business purposes in direct reference from Hurricane Irene on August 28, 2011.. 

Terms & Conditions:  A moratorium on loan principal and interest for 6 months.  Once loan repayment begins, there is 0% interest.   The term with fixed asset loan will generally be consistent with the useful life of the assets being financed, such useful periods being consistent with standard commercial lending policies but in no instance exceeding ten (10) years.   The term of a line of credit and working capital may not exceed five (5) years. 

Businesses must be located in Essex County to be eligible.  Eligible businesses include manufacturing, retail transportation, utilities, communications, construction trades, wholesale distribution, agriculture, forestry, accommodations, recreation, food and beverage, arts/crafts, professional services not for profits.  Businesses must be independently owned and operated, 100 employees or less and a NYS tax payer must be in business since June 1, 2011. 

Financing may not exceed a ration of $25,000 for each business loan request for lines of credit or working capital and a maximum of $25,000 for equipment and machinery.  For equipment and machinery loan requests, documentation of change in business market must be submitted.  Appropriate documentation for use of fund must be supplied to the IDA for all draw down of funds (proposed source and use of funds), including receipts, 3rd party estimates for all project costs, for all requests for lines of credit and debt financing and refinancing.

Hurricane Irene Loan Policy & Guidelines

Hurricane Irene Loan Application


Tax-Exempt Industrial Revenue Bonds (IRB's)

Eligible projects include: manufacturing facilities which are used in manufacturing or production of tangible personal property and facilities which are directly related and ancillary  to a manufacturing facilities if such facilities are located on the same site as the manufacturing facility and are not more than 25% of the net proceeds of the bonds are used to provide for directly related and ancillary facilities.  These directly related and ancillary facilities include office and warehouse space.  Ancillary activities must be subordinate to and integral to the manufacturing process.  Eligible projects include: purchase and rehabilitation of existing buildings, construction of new buildings and expansions.

Benefits include: reduced interest rate for financing, bond financed projects exempt from sales tax for development and mortgage recording tax and the project may be eligible for property tax abatements.

IRB Financial Assistance Application


Essex County Capital Resource Corporation

Specifically designed to assist not-for-profits, the mission of the Essex County Capital Resource Corporation is to encourage community and economic development, as well as job creation and retention.  The CRC is able to assist not-for-profits undertake capital projects by providing lower-cost financing programs.  Using the CRC is a tool, lenders receive financial benefits on loans they provide to qualified not-for-profits, thereby lowering the cost to the borrower.

Like the IDA, the Essex County CRC assists local businesses with financing for capital projects.  However, the IDA is prohibited from working with not-for-profits.  With the establishment of the CRC in 2010, some of Essex County's largest employers that are also not-for-profits are now able to add facilities and equipment at a cost savings. 

The Essex County CRC board is made up of the same officers and members as the IDA board.  The CRC board meets regularly in the offices of the Essex County IDA in Elizabethtown. 

CRC Financial Assistance Application


Straight Lease Transaction

A transaction whereby the Agency takes title, possession or control of property of a project occupant, thereby entitling such property to be exempt from taxation according to the provisions of the Act, even though no financial assistance in the form of proceeds of bonds issued by the Agency is provided to the project occupant (a "Straight-Lease Transaction"). The purpose of this lease policy is to set forth the circumstances under which the Agency will consider undertaking a Straight-Lease Transaction.


IDA Uniform Tax Exemption Policy

Straight Lease Policy


Payment in Lieu of Taxes (PILOT) Program

The County and taxing jurisdictions affected by the proposed “applicant project” will have the ability to evaluate and adopt “Payment in Lieu of Taxes” (PILOT) Agreements that will be beneficial to the developer and the community and fit the following categories: Industrial/Manufacturing, Warehouse/Distribution Facilities, Commercial/Retail Facilities/Office Buildings/Community Facilities.

Projects will be evaluated to determine which PILOT Schedule will have a greater economic impact based on a high level of commitment for permanent payroll level in terms of number of jobs created, number of potential spin off jobs, investment in total project, local business impact, and community investment.

PILOT Schedules


Property Tax Abatement 485-b

Many towns in Essex County have adopted a 485-b policy.  Any Town resident who has recently invested more than $10,000 in their business for construction, alteration, installation, or improvement may be eligible for a substantial 10 year real property tax exemption.  This exemption is not automatic, you must apply for it.  To find out if you are eligible, contact the local tax assessor.  Call the Essex County Real Property tax office at 518-873-3400 for the number of your local office.





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Essex County IDA is an equal opportunity lender, provider, and employer.  To file a complaint of discrimination, write:  USDA, Director, Office of Civil Rights, Washington, DC 20250-9410, or call (202) 720-5964 (voice or TDD)