The JDA was formed in the 1960's to provide low-interest loans to NYS businesses. It gets its capital through the sale of NYS backed bonds so the program has no cost to taxpayers. In the 1980's Long Island was by far the region of NYS receiving the largest share of JDA loans. In recent years JDA activity has slowed considerably as banks have sufficiently addressed the capital needs of Long Island businesses. However, as interest rates have risen considerably in recent months, the JDA has seen a significant increase in the number of inquiries about the loan program.
Business people understand the value of low-interest rates.
Those savings can then be invested back into the company to add jobs. Charles A. Gargano is the Chairman of ESD, Henry Mund is the Regional Director. ESD professionals will help Long Island businesses determine if the JDA is the right fit for them and can guide them to other sources of economic development assistance. Call and see if your company can benefit from low-interest financing from New York State. After you read the bulletin, the question of what forms are needed to file for the credit still remains.