Loans

ECIDA loan programs are here to stimulate local business growth. Not sure which loan program best fits your needs? Take our Loan Qualifier Quiz, or contact one of our business development officer's today!

Here is a summary of current programs available:

Microloan

Need help starting or growing your business? Our Micro Loan program could be just what you need! Loans are available from a minimum of $5,000 to a maximum of $35,000. These funds can be used for working capital, furniture, fixtures, equipment, inventory, materials and supplies.

While the micro loan program is open to all entrepreneurs, the program especially supports underserved markets, including borrowers with little to no credit history, low income borrowers, and minority and women entrepreneurs in rural and urban areas, who generally do not qualify for more conventional loans. 

Not sure if you qualify for our Micro Loan?  Take our online Micro Loan Qualifier Quiz.

Click here to learn more about eligibility and other requirements.

For a PDF version of our Micro Loan application, click here.

BDF (Business Development Fund)

Our Business Development Fund is a revolving loan program designed to foster business expansion in Erie County consortium communities (all Erie County cities and towns except Amherst, Buffalo, Cheektowaga, Hamburg and the Town of Tonawanda). Excluded towns/cities have their own loan programs. The BDF can help bridge the gap in the conventional financial marketplace. Loans are available from a minimum of $15,000 to a maximum of $100,000. BDF financing is available only in conjunction with private financing from recognized financial institutions on a joint participation basis. These funds can be used for

• permanent working capital

• acquisition of machinery and equipment

• pollution control and related improvements where funds extended are sufficient to bring the borrower into full compliance

• funds to effect a change in ownership in extraordinary cases where it can be demonstrated that the employment base of a company is in jeopardy

• acquisition, development or rehabilitation of land, buildings and facilities.

Click here to learn more about eligibility and other requirements.

50/50 Minority, Women and Start-up

Our 50/50 loan program is a commitment to offer incentives that will promote and enhance the ability of minority, women-owned, or start up business enterprises to successfully start here, develop here, and grow here in Erie County. Loans are available from a minimum of $25,000 to a maximum of $250,000. These funds may be used for

• permanent working capital

• equipment purchases

• pollution control improvements

• funds to effect changes in local ownership when the employment base of the company would otherwise be in jeopardy

Click here to learn more about eligibility and other requirements.

Business Stimulus Loan Fund

This fund is designed to assist businesses operating within specific targeted industries who are unable to obtain bank financing to fulfill their growth plans. Retail businesses are not eligible. Applicants must provide proof of being turned down by a bank for the additional financing or had their line of credit suspended. A 10% owner equity contribution is required. Funds may be used for:

• permanent working capital
• acquisition of machinery and equipment

Click here to learn more about eligibility and other requirements.

For a PDF version of our Business Loan application, click here.

RDC

Our RDC business loan program is here to enhance the competitiveness of local businesses, promote local ownership of firms employing local residents, and assist with the formation of new companies especially in the technology sector and businesses in designated Enterprise Communities or economic development zones. Loans are available to businesses operating within specific targeted industries based upon the North American Industry Classification System (NAICS). Loan amounts range from a minimum of $25,000 to a maximum of $1,000,000. These funds may be used for

• Permanent working capital

• Equipment Purchases

• Pollution control improvements

• Loans to effect changes is local ownership when the employment base of the company would otherwise be in jeopardy

Click here to learn more about eligibility and other requirements. 

For a PDF version of our Business Loan application, click here.