Business Advantages
Loan Programs
The BCIDA has various Revolving loans programs that are available for businesses of varying size, with interest rates at 75% of prime. | More
Broome County Empire Zone
New York State and local development agencies offer special incentives to businesses that locate in Empire Zones. | More
State Incentives & Programs
New York State in partnership with local economic development agencies offers a variety of incentives for businesses. | More
Greater Binghamton News
Greater Binghamton featured in Area Development Magazine's 2008 Consultant's Site guide
The guide was sent to 9,700 site consultants and will be distributed at upcoming forums in Chicago IL and Scottsdale AZ. | More
Greater Binghamton featured in NY Real Estate Journal
This article highlights recent developments including creation of the Charles Street Business Park. | More
Greater Binghamton Innovation Center Accepting Applications
Local entrepreneurs seeking an office equipped with internet access and other amenities are invited to apply for space in the Greater Binghamton Innovation Center. | More
View more articles in:
Greater Binghamton News
BCIDA Incentive Programs
Tax Exempt Industrial Development Bonds
Manufacturing related expansion projects that anticipate fixed asset financing in excess of $1 million can expect substantial advantages through the use of tax-exempt industrial development bonds. (Interest from bonds is exempt from federal and state income tax).
Features:
- Real Estate/equipment loans - 80% of prime
- 15-20 yr. term on real estate
- Practical minimum of $1.5 MM
- Real property tax abatement
- State & local sales tax abatement
- Mortgage recording tax exemption
- Some restrictions on use
- Total issuance cost 3-4%
- 3-4% Application to closing = 90 days
Taxable Industrial Development Bonds
Manufacturing, industrial and some commercial projects in Broome County can receive considerable benefits by using this tool for fixed asset related expansion projects. Many non-retail uses permitted. Interest from bonds in exempt from NYS income tax but is fully subject to federal taxation.Features:
- Real Estate/equipment loans - At or near conventional rates
- 15-20 yr. term on real estate
- Practical minimum - $500,000
- Real property tax abatement
- State & local sales tax abatement
- Mortgage recording tax exemption
- Total issuance cost 1.5 - 2%
- Application to closing = 60 days
Sale Lease Back Transactions
In instances where the Broome County Industrial Development Agency is not requested to play a role in the issuance of bonds, many of the above incentives can be accessed by eligible firms through the development of a simple sale/lease-back agreement between the project sponsor and the BCIDA.Features:
- IDA accepts nominal title to subject property - up to 15 yrs.
- No practical minimum value
- Real property tax abatement
- State & local sales tax abatement
- Mortgage recording tax exemption (if any)
- IDA Fees = 1% of value of project cost
- Application to closing = 60 days
607-584-9000.
Copyright © BCIDA, PO Box 1510, Binghamton, NY 13902-1510

