Wyoming County Business Assistance Corporation

Business Assistance Corporation

The Wyoming County Business Assistance Corporation (WCBAC), "Loan Corp", was formed in February 2009 as a private, not-for-profit 501(c)3 Local Development Corporation, for the sole purpose of managing business loan funds on behalf of the Wyoming County IDA. The sole Member of the Corporation is the Wyoming County Industrial Development Agency. The Officers of the Corporation serve simultaneous roles for the WCIDA and WCBAC.

WCBAC Loan Program

The WCBAC provides gap financing to help businesses secure needed funds for their projects and works with traditional financing institutions as well as state and federal programs to encourage economic development. This cooperative approach to financing opportunities offers the prospective borrower a more diverse financing package and leverages all funding opportunities available for their specific needs.

Terms and Conditions

Conditions of loan will be determined by the WCBAC Board at its discretion, based on such factors as the structure of other related loans, the nature of the collateralized assets, and the borrower's projected ability to pay. The WCBAC generally takes a subordinate position to the traditional lender or financial institution.

Terms of loan of a fixed asset loan will generally be consistent with the useful life of the assets being financed, such as life periods consistent with standard commercial lending policies: land and building loans, up to 10 years; machinery, equipment, and working capital from 3-7 years.

Eligible Uses of Funds

Funds may be used for any justifiable business purpose including, but not limited to property acquisition, building materials, equipment, fixed assets, inventory and permanent working capital.

Business Financing Programs

The WCBAC may assist in the financing of business projects through several low interest loan programs available, subject to borrower eligibility.

• Business Development Revolving Loan Fund
• Community Partner for SBA 504 Loans
• Participation loans with local banks (Gap Financing)