"This fund will give local businesses access to the capital they need to invest in land, equipment and technology that will enable them to remain competitive in the 21st century," he said in a press release.
"Supporting these efforts will, in turn, help strengthen the region's economy and create jobs in the North Country."
The program applies to businesses looking to expand in
Businesses can apply for up to 30 percent of the proposed cost of their expansion, with a cap of
They must create or retain at least one job for every
The fund results from a long-term power contract between the
WHO IS ELIGIBLE
Loans are available to manufacturers, agri-business, clean and green bio-technology, assemblers and wholesale distributors for land acquisition, building construction and rehabilitation and the purchase of machinery or equipment.
Funding is also available for business improvement districts and nonprofit entities eligible to apply for community revitalization projects.
Retail and market applicants may also be eligible but must meet special criteria to be considered for a loan.
Applications will be reviewed by the North Country Economic Development Fund Board, made up of representatives from the
'SPIRIT OF PARTNERSHIP'
"It will directly support the aims of our regional economic development plan, and it directly reflects the spirit of partnership and collaboration now in place across the North Country," he said in a statement.
"Alternative loan funds such as these can often fill the funding gaps that need to be filled for ventures to succeed, with local decision making that is attuned to our region's needs and opportunities."
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