Industrial & Commercial Abatement Program (ICAP) DOF
ICAP grants property tax abatement to commercial and industrial buildings, for up to 25 years. Properties must be improved by at least 30 percent of the assessed value. Industrial properties improved by at least 40 percent of the assessed value are eligible for additional abatements.
Relocation & Employment Assistance Program (REAP) DOF
REAP provides tax credit of up to $3,000 per employee per year for businesses relocating to eligible areas. Improvements to relocation premises are required.
Commercial Expansion Program (CEP) DOF
CEP provides rent abatement of up to $2.50 per square foot on new, renewal, and expansion leases in eligible areas. The program has a term of up to five years for commercial businesses and ten years for industrial businesses. Improvements to premises are required.
Energy Cost Savings Program (ECSP) SBS
ECSP reduces the delivery component of utility bill for up to 45 percent for electricity and 35 percent for natural gas. Businesses must (1) relocate to; (2) make improvements to property in; or (3) lease space in previously improved buildings in qualified areas.
Industrial Business Zone (IBZ) Relocation Credit DOF
IBZ Credit provides industrial businesses relocating to designated IBZ areas with tax credit of $1,000 per employee up to $100,000 in total.
Commercial and Industrial Energy Efficiency Program Con Edison
Con Edison offers an array of options to businesses such as financial incentives to upgrade to energy efficient equipment to help lower utility bills. Customers can also get paid to temporarily reduce their energy usage in the summer with their smart usage rewards program.
NYC Industrial Development Agency NYCEDC
NYCEDC grants discretionary benefits to induce developers and businesses to undertake major capital investments that result in the creation of quality jobs within NYC. Benefits may include reduction in real estate tax, deferral of mortgage recording tax, and exemption from sales tax.
Community Advantage Loan SBA
Participating lenders offer loans of up to $350,000 to small businesses and entrepreneurs to help drive economic growth and job creation.
7(a) Loan Program SBA
Participating lenders provide loans of up to $5 million that are partially guaranteed by SBA to small businesses. Businesses apply directly to the lender for financing.
504 Loan SBA
Loan program for financing acquisition of major fixed assets, such as equipment or real estate.
Build & Train Your Team SBS
(1) Customized Training is a competitive grant program that provides up to $400,000 to help businesses invest in training employees. Businesses choose training courses that will impact their bottom line and the program covers up to 70% of the costs.
(2) On-the-Job Training is a discretionary grant to help qualified businesses with on-boarding and training new employees. Funds cover up to 70% (limited to the first 280 hours) of the eligible trainee’s wages during training.
Recruitment Assistance SBS
The Recruitment program recruits and prescreens candidates for employment based upon the employer’s specific employment needs.
Wastewater Allowance DEP
DEP offers percentage discount that applies to wastewater charges that is used for commercial or industrial purposes.
Excelsior Jobs Program ESD
The Excelsior Jobs Program provides incentives to firms in targeted industries that create and maintain jobs and make significant financial investment.
Global NY ESD
ESD provides grants and financing programs to help NYS companies start selling overseas or expand their global export.
Conventional Financing Private Banks
Local banks offer conventional private financing products with no government guarantee, such as Mortgages, Term Loans, Lines of Credit, etc., for different sizes and types of projects.
Federal and State R&D Credit
The federal and NYS government offer tax credit to encourage R&D activities, and they are not just for companies with white-coat research labs.
For more information, programs, and assistance, or a FREE evaluation, please contact our Business Assistance Team:
Charles Yu | Senior Director, Business Assistance
CYu@licpartnership.org, 718-786-5300 x25
Osagie Afe | Senior Manager, Business Assistance
OAfe@licpartnership.org, 718-786-5300 x32
Henry Smith | Senior Manager, Economic Development
hsmith@licpartnership.org, 718-786-5300 x202