Whether you're an existing company interested in expansion or relocation, or a new company interested in starting a business in Montgomery County the Montgomery County Business Development Center (MCBDC) has the resources to provide a “one-stop shop” service for Business, Economic Development and Planning Services. The staff possesses the necessary skills to provide technical assistance to interested businesses on issues related to:
- Local Government (permits, approvals, tax structures, utilities, access to local economic development program, etc.)
- State and Federal Government (permits, approvals, financing, taxes, etc.)
- Local Incentives (industrial park land, bonding, revolving loan fund, PILOT, etc.)
- Business Development and Technical Assistance (loan packaging, business planning, outreach, grant writing, etc.)
- Meeting locational needs and real estate solutions (incubator space, shovel-ready site)
- Assisting with workforce and other labor needs.
MCBDC Straight Lease Program
The MCBDC through the Montgomery County Industrial Development Agency (MCIDA) can provide financial assistance to private entities through tax incentives. The MCIDA by holding nominal title or leasehold interest in the project site can offer financial incentives in the form of issuance of Industrial Revenue bonds (IRB's), real property, sales and mortgage recording tax exemptions.
Issuance of Tax Exempt and Taxable Bonds-This incentive can be used to fund all, or substantially all, of the costs of a project. IRB bond financing is available to qaulifying manufacturing firms. These bonds encourage lenders to provide project financing at interest rates below market. IRB's can be used to finance the cost of land, buildings, machinery and equipment.
Real Property Tax Abatement- The MCIDA has the authority to negotiate a Payment in Lieu of Taxes (PILOT) agreement on a project deemed reasonably necessary to incentivize.
Sales and Use Tax Exemption- Exemption of up to 8% on non production equipment and construction materials.
Mortgage Recording Exemption- Exemption of 3/4% on amount of mortgage financed.
Montgomery County Community Development Fund
The Community Development Fund was started in 1989 to provide funding to qualified economic development projects. The main function of the fund is to provide low interest loans to business located in or relocating to Montgomery County. The funds may be used for a variety of projects including real estate acquisition, working capital, construction as well as machinery and equipment purchases. Available loan funds are based on job creation/retention commitments. Rates and terms are determined on a project-by-project basis.
Rural Business Enterprise Revolving Loan Fund
The U.S.D.A Rural Business Enterprise Revolving Loan Fund is available to businesses in Montgomery County with a focus on the rural communities of the County. Funds are available for a variety of projects including real estate acquisition, working capital, construction as well as machinery and equipment purchase.
Interested in starting a new business in Montgomery County and New York State?
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