Business Loans, Services and Grants

The City offers the following programs to assist businesses in the industrial/high technology sectors.  

Financial Assistance Program 

Provides financial assistance to new or expanding city businesses to stimulate private sector job retention and/or creation, investment within the City of Rochester and increases in the City's tax base. Eligible projects include furniture, fixture and equipment purchases, machinery acquisition, working capital and the acquisition, construction and/or renovation of real estate. Available assistance includes low interest loans up to $250,000 and interest rate subsidy grants with interest rates between 1% and 3% depending upon the collateral utilized, with terms between 5 and 10 years..  

Building Renovation Matching Grant Program

Provides 50/50 matching grants of up to $30,000 to qualified businesses located within or moving into the city of Rochester. Eligible projects consist of interior or exterior building renovations and/or building improvements, including security enhancements, which result in the creation and/or retention of private sector jobs.  

Main Street Assistance Program

Provides financial assistance to businesses and property owners located in the downtown Rochester area to promote investment and job creation/retention in the core area of Rochester's Center City. Eligible projects include furniture, fixture and equipment purchases, working capital, real estate acquisition, interior and exterior building improvements and environmental remediation. Available assistance includes low interest loans up to $250,000, interest rate subsidy grants and 50/50 matching grants of up to $30,000. 

Targeted Business Assistance Program

Provides financial assistance to targeted small businesses located within or moving into the City of Rochester which may have barriers to obtaining the capital necessary for business growth and development. Eligible projects include furniture, fixture and equipment purchases, working capital and acquisition, construction and/or renovation of real estate, and must result in the creation and/or retention of private sector jobs. Available assistance includes low interest loans up to $150,000, interest rate subsidy grants and 50/50 matching equity grants of up to $10,000. 

Pre-Development Matching Grant Program

Provides matching grants up to $25,000 to established firms/developers of industrial or large commercial projects that meet the City's economic development goals. Program funds may be used for environmental investigations and other studies which are needed to determine the cost of redeveloping brownfields or other city sites.

Small Business Grant's (SBG's) 

SBG Description –  50/50 matching grants are available for retail and select consumer services for both start-up ($5,000) and established businesses ($8,000).  Grants may be utilized to assist with advertising, architectural assistance; computers, exterior signage; security equipment and furniture, fixture and equipment which is not installed.

Rochester Economic Development Corporation (REDCO) Revolving Loan Fund

Provides financial assistance to new or expanding city businesses to stimulate private sector job retention and/or creation, investment within the city of Rochester and increases in the City's tax base. Eligible projects include furniture, fixture and equipment purchases, machinery acquisition, working capital and the acquisition, construction and/or renovation of real estate. Available assistance includes low interest loans up to $250,000 and interest rate subsidy grants. Interest rates are between 1% and 3%, with terms between 5 and 10 years.  

U.S. Small Business Administration (SBA) 504 Loan Program

The SBA 504 Loan Program, also known as the Certified Development Company (CDC) Program, provides long-term, fixed rate financing to small businesses located or moving into in the city to acquire long-term fixed assets such as land, buildings, machinery and equipment, or for constructing, modernizing, renovating or restoring facilities. Typically, a 504 project includes a loan secured with a senior lien from a private-sector lender, a loan secured with a junior lien from a CDC (a 100% SBA-guaranteed debenture) covering up to 40% of the total project cost and a contribution of at least 10% equity from the borrower. Loan amounts are based upon a minimum formula of $50,000 in loan funds per one new job created over a two year period. 

U.S. Small Business Administration (SBA) Loan Participation Program

Provides financial assistance to small businesses located in or moving into the city by participating in an SBA guaranteed loan provided by a third-party lender. The participation of the City in the loan results in a reduced interest cost to the borrower.  

U.S. Department of Housing and Urban Development (HUD) Section 108 Business Loan Program

Provides loans up to $500,000 to qualified businesses located within or moving into the City of Rochester. Loan amounts are based upon a minimum formula of $35,000 in loan funds per one new job created or retained over a three year period. Eligible projects consist of furniture, fixture and equipment purchases, working capital and acquisition, construction and/or renovation of real estate.

Brownfield Assistance

The objective of the Brownfields Assistance Program (BAP) is to attract businesses, developers, and investors who can develop and reuse underutilized land, while contributing to the City’s economic health.

Questions?

Let the City of Rochester help you navigate the programs and find the best fit for your situation.

Department of Neighborhood and Business Development
30 Church Street, Room 005A
Rochester, NY 14614
(585)428-6912