Local Incentives

Village of Newark Economic Development Loan Program (EDLP) – Provides low interest loan money to stimulate local business development opportunities. Eligible activities include the acquisition and renovation of commercial/industrial property in the Village and the purchase and installation of capital equipment. The objective of the EDLP, once financial feasibility has been established, is to create new or retain existing employment opportunities, particularly opportunities for low and moderate income persons. Firms that receive loans must agree to make a good faith effort to hire persons for newly created jobs who are of lower moderate income (per HUD guidelines). The firm should expect to create or retain one (1) full-time equivalent job for each $12,000 borrowed.

Land for Jobs Policy – In an effort to attract new businesses to the Village, this policy was instituted whereby businesses would be deeded land, at no charge, for the construction of structures for any business purpose in exchange for the creation of a specific number of full-time jobs. The offer is good on any Village owned land parcel. The business can erect a new structure or expand an existing facility. For every acre requested, one (1) full-time job equivalent must be created and retained during a period of two years commencing on the day the Certificate of Occupancy is issued. (See "Land for Jobs Policy" for more details.)

Wayne County IDA Revolving Loan Fund – The purpose is to enhance industrial development and job creation through low-interest loans in cooperation with private and other government lending programs to provide gap financing for manufacturing projects. Recipients must create one new job for every $10,000 in loans. The loans are available for the purchase of land, construction, renovation, machinery, equipment, and working capital. Loans can be up to 20% of projected costs, up to a maximum of $300,000 (subject to availability).  For more information, visit the WCIDA website.

Wayne County Industrial Site Fund – This fund assists municipalities with public infrastructure improvements required to locate a manufacturing facility. Wayne County will assist in the cost of any required improvements at the lesser of one-third of the total cost or $100,000. The developer and the Village (or Town for projects outside the Village) would split the other two-thirds.

IDA Revenue Bonds and Tax Incentive Program – WCIDA helps facilitate the financing of an industrial or qualified non-industrial project through issuance of taxable or tax exempt industrial development or industrial revenue bonds (IDB or IRB). Tax incentives may be accessed without bond financing using a sale/leaseback transaction. The WCIDA has adopted a countywide policy for the provision of real property tax incentives for expanding manufacturing industries. The incentives provided apply to value added only. This 10-year program allows for a 100% abatement for the first five years and a 50% abatement the second five years of County, Town, Village and School District real estate taxes, except special districts. 

Business Property Tax Exemption – Available for County, Town, Village, School District, and Special District taxes. It consists of a 50% exemption in increased assessed valuation for the first year for any new construction or improvement exceeding $10,000. This exemption would decline 5% per year for an additional nine years yielding a graduated exemption over 10 years. It cannot be used in conjunction with the IDA tax incentive program.

Microenterprise Revolving Loan Program – Loans up to $25,000 for the purchase of fixed assets or working capital. It provides both technical and financial assistance to the startup or expanding small business (no more than 5 employees) creating or retaining low to moderate income jobs.

Small Business Administration Program (SBA 504) – This fixed asset economic development program from the U. S. Small Business Administration promotes growth and job creation in small businesses. The Wayne Economic Development Corporation is a resource center for this program and provides long-term, second mortgage money for expanding businesses. SBA 504 loans are used in conjunction with conventional bank financing to provide a total of 90% of project costs or appraised value. Loans are available from $100,000 to $1,000,000 or up to 40% of total project costs. More information can be found on the SBA website.

Empire Zone Program – Within Wayne County, the Empire Zone Program extends for two-miles and offers the advantage of a variety of tax credits and exemptions for businesses developing within it.

More information on any of the County programs may be obtained from the Wayne County Industrial Development Agency website.

Empire State Development – New York State and the electric and gas utilities serving the State offer a variety of energy cost savings programs that help businesses reduce costs, preserve and create jobs, and boost economic growth. An example is the "Power for Jobs Program" that provides 450 megawatts of low cost electricity to businesses that remain and expand within the State. The State also offers technical services and capital financing to help businesses identify and implement cost-effective and energy-efficient measures. Loan programs and other incentives are detailed in the Empire State Development website.

New York State Office of Science, Technology and Academic Research (NYSTAR) – The Matching Grants Leverage Program is to assist New York State research institutions in attracting new federal and private foundation or industry research dollars to New York.

New York State Energy Research and Development Authority (NYSERDA) – A myriad of loan, grant and other financing options are available through many sources. For a complete list with details, please refer to the NYSERDA website.

U.S. Small Business Administration (SBA) – Offers a number of loan programs: Basic 7(a) Loan Guarantee, Certified Development Company (a 504 Loan Program), and Microloan (a 7m Loan Program). More information is available at the SBA website