Hamburg Development Corporation
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Hamburg Development Corporation |
Phone: 648-4145 |
Assisting Growth Oriented Companies in the Town of Hamburg
The Hamburg Development Corporation (HDC) works in conjunction with the Hamburg Industrial Development Agency (HIDA) as part of the Hamburg Development Companies. The goal of our organization is to promote planned business growth while enhancing the high quality of life in Hamburg, New York.
The Hamburg Development Corporation offers a number of programs and financial incentives for projects that represent a substantial economic investment, create or retain jobs, and expand the tax base in the Hamburg Community.
We are a not for profit local development corporation designed to stimulate reinvestment in the residential, commercial and industrial areas in the Town of Hamburg, the Village of Hamburg and the Village of Blasdell.
The HDC serves as a vehicle for controlled community development through a partnership of residents, members of the business community, representatives of local government and financial institutions and other interested parties. Available programs include:
- The Hamburg Business Development Fund.
- The Hamburg Business Development Fund (HBDF) has been established to provide an alternate source of flexible financial assistance to growth oriented industrial and commercial firms in Hamburg.
The HBDF helps to bridge the gap in the conventional financial marketplace which may hinder the growth of otherwise financially sound, employment generating companies. HBDF financing generally offers lower interest rates, longer maturities or more flexible repayment schedules than conventional business loan sources.
Who is eligible?
Partnerships, corporations and proprietorships are eligible for financial assistance from the HBDF. Priority is given to manufacturing, transportation, service industries and wholesale trade. Financial assistance must result in the creation of new jobs.
What can HBDF be used for?
The development fund can be used for any of the following:
- Acquisition or development of land, buildings and /or facilities-Permanent working capital
- Pollution control. and related compliance improvements.
- Company buy outs where the employment base is in jeopardy.
Incentive Financing
The Hamburg Development Corporation offers financial assistance as an incentive for growth oriented industrial and commercial firms to locate in the Hamburg area. Details of this program include:
- The annual percentage rate (APR) will be 75% of the prime rate at loan closing
- Flexible repayment schedules- generally from two to ten years.
- Financing - minimum of $5,000; maximum of $75,000
- Financing in conjunction with financial institutions - up to 33% of total project costs
The Commercial Building Renovation Program
Loans are available under this program to encourage renovation and improvements of commercial property within the Town of Hamburg. The Program incorporates specific guidelines to ensure a structured revitalization effort in Hamburg that provides for controlled signage and facade improvements. Eligible renovations include:
- Facade Improvements
- Facade Enhancement
- Property Improvements
- Exterior Walls
- Awnings
- Landscaping
- Windows and Doors
- Signage
- Sidewalks
- Stairs and Rails
- Decorative Trim
- Street Furniture
- Entrance Renovations
A strong track record of success
The Hamburg Development Corporation has assisted a variety of different firms in Hamburg over the past several years. Examples include:
HBDF dollars were used to help a frozen food manufacturer move to a new facility to expand its market and subsequently increase production and employment.
A HBDF loan enabled a printing company to purchase and renovate a vacant building in Hamburg, creating new jobs.
A professional audit and accounting service organization was able to increase employment when the HBDF helped the firm expand in the Village of Hamburg.
The Hamburg Development Corporation is ready to work for you The professionals at the Hamburg Development Corporation are eager to assist your company in doing business in Hamburg. We can help with everything from site selection to financing programs and offer all the information you need to make your move.
For more information, including details on the programs outlined here, contact the Director of Economic Development.
New Directions in Western New York Business Development HAMBURG 716-648-4145.
